Itau Unibanco Plans Bid for RBS Citizens Unit, Sunday Times Says

Brazilian bank Itau Unibanco Holding SA (ITUB4) is planning a bid for Royal Bank of Scotland Group Plc (RBS)’s U.S.-based Citizens unit, the Sunday Times reported, without saying where it got the information.

Itau Unibanco hasn’t yet made an approach to RBS, the newspaper said. It’s also interested in a potential bid for Banco Santander SA (SAN)’s Sovereign Bancorp Inc. and Societe Generale SA (GLE)’s Bank West as it seeks to expand in the U.S., according to the Sunday Times.

Canada’s Toronto-Dominion Bank (TD), Bank of America Corp. (BAC)’s Merrill Lynch unit and JPMorgan Chase & Co. may also be interested in Citizens, the newspaper said.

A spokesman for RBS declined to comment when contacted by Bloomberg News today.

RBS Chief Executive Officer Stephen Hester said August 3 that the bank will retain Citizens Financial Group Inc., the U.S. consumer and commercial lender RBS bought in 1988, because it’s a “core” part of the bank.

To contact the reporter on this story: Clementine Fletcher in London at

To contact the editors responsible for this story: Benedikt Kammel at; Sara Marley at; Claudia Maedler at

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