Citizens Freed of RBS by $3.5 Billion IPO to Boost Returns
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Royal Bank of Scotland Group Plc is selling shares of its U.S. subsidiary, freeing the unit from the shadow of Britain’s largest state-owned lender and allowing it to compete with American regional banks.
The initial public offering of Citizens Financial Group Inc. could raise as much as $3.5 billion for Edinburgh-based RBS when it prices today. The deal, the largest U.S. bank IPO since Goldman Sachs Group Inc. went public in 1999, gives Citizens independence to improve profits that have trailed its peers.