RBS commercial bank Citizens Financial Group files for an IPO that could raise $3 billion
Citizens Financial Group, the US banking arm of RBS with 1,370 branches across the Northeast and Midwest, filed on Monday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate that the selling stockholders, whose shares constitute the entire offering, could raise as much as $3 billion.
The Providence, RI-based company, which was founded in 1828 and acquired by RBS in 1988, booked $4.7 billion in net interest and noninterest income for the fiscal year ended December 31, 2013. The company plans to list under the symbol CFG but has not selected an exchange. Morgan Stanley, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
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