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.
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 email@example.com