By Josh Beckerman

Royal Bank of Scotland PLC plans to exit its remaining 20.9% stake in Citizens Financial Group Inc. via a public offering of 110.5 million shares.

Citizens, a regional lender based in Providence, R.I., said Thursday that RBS expects its designee to the Citizens board to resign when the sale is completed.

Citizens shares fell 31 cents to $23.80 in after-hours trading.

Citizens went public in September 2014. Its initial public offering priced at $21.50, below an expected range of $23 to $25 a share.

RBS previously said it aimed to sell all of its Citizens stock by the end of 2016 as it planned to refocus on U.K. clients.

RBS raised $3.2 billion in March sale of Citizens shares. In July, RBS announced another sale of Citizens stock worth up to $2.6 billion, including overallotments.

Write to Josh Beckerman at josh.beckerman@wsj.com

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(END) Dow Jones Newswires

October 29, 2015 20:06 ET (00:06 GMT)

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