RBS sells Charter One branches to U.S. Bank


RBS sells Charter One branches to U.S. Bank

RBS Citizens Financial Group, the US subsidiary of the Royal Bank of Scotland, has sold 94 Charter One retail branches in the Chicago area to U.S.Bank National Association.

Our news

08 January 2014

RBS Citizens Financial Group has sold 94 retail branches in the Chicago area

The sale also includes $5.3bn in local deposits and $1.1bn in locally originated loans for a deposit premium of approximately $315m, or 6% of deposits.

Bruce Van Saun, RBSCFG Chairman and Chief Executive Officer, said the sale will allow RBS Citizens Financial Group to focus on primary Citizens Bank and Charter One markets where the group has stronger market positions and better long term growth prospects.

“We have a number of business growth initiatives and enhancements to the customer experience that position us well for the future. We feel that U.S. Bank is a good buyer of our Chicago region branch-based business, and we will work hard to ensure a smooth transition for our customers and colleagues who will be going to U.S. Bank,” he said.

All employees in the Chicago-area business units being sold will be offered comparable jobs and transfers to U.S. Bank.

Citizens will maintain a presence in Chicago through local mortgage lending, student lending, car finance and commercial banking including asset-based lending, asset finance, equipment leasing, commercial real estate, treasury solutions, capital markets, sponsor and franchise finance

The sale, for which BofA Merrill acted as financial adviser to RBS Citizens Financial Group, is subject to regulatory approval and is expected to close in mid-2014.

RBS Citizens Financial Group is a $120bn commercial bank holding company which owns 1,400 branches employing 18,000 staff  through its subsidiaries, RBS Citizens, N.A., and Citizens Bank of Pennsylvania.

2014

Related articles

Latest news

RBS to help 2.5 million people each year to be more financially capable

RBS has today committed to helping 2.5 million people in the UK each year to improve their financial capability.

RBS to increase lending to sustainable energy sector following £1.1bn securitisation of loans to UK sustainable energy market

RBS has executed a £1.1bn securitisation deal with Macquarie Infrastructure Debt Investment Solutions (MIDIS), which will allow the bank to recycle capital and increase lending to the sustainable or renewable energy sectors.

RBS launches £1 billion Female Entrepreneurship Funding and announces targets to help create at least 50k new businesses by 2023

RBS has today announced a new £1 billion in funding through NatWest to support female entrepreneurs in the UK to scale and grow – the largest intervention by a UK lender focused specifically on female-led businesses.

Set Tab for lightbox