RBS to Exit Remaining Citizens Financial Stake
October 29 2015 - 8:22PM
Dow Jones News
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 29, 2015 20:06 ET (00:06 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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