Deals
RBS Raises $2.6 Billion Selling Citizens Financial Shares
- Citizens' ties to former parent severed with stock sale
- Scottish lender was required to dispose of stake after rescue
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Royal Bank of Scotland Group Plc, the lender that spun off Citizens Financial Group Inc. last year, raised $2.6 billion with the sale of its last shares in the U.S. regional bank.
RBS sold 110.5 million shares, or a stake of about 21 percent, at $23.38 apiece, Citizens said Friday in a statement. Providence, Rhode Island-based Citizens fell 1.1 percent to $23.85 at 9:40 a.m. in New York trading, and RBS slipped 1.6 percent to 315.60 pence in London.