RBS announces launch of the IPO of Citizens Financial Group
The Royal Bank of Scotland Group plc (“RBSG”) today announces it has launched the initial public offering ("IPO") of its subsidiary Citizens Financial Group Inc. ("CFG" or “Citizens") together with the publication of Citizens’ amended Form S-1 Registration Statement (“S-1”).
08 September 2014
RBSG is planning to sell 25% or 140,000,000 shares of Citizens common stock at a price per share range between $23 and $25. RBSG has also granted a 30-day over-allotment option of up to an additional 21,000,000 shares.
Commenting on today's announcement, Ross McEwan, Chief Executive Officer of The Royal Bank of Scotland Group plc, said:
“We announced our intention to undertake an IPO of Citizens in February 2013 and today’s launch is an important milestone for both RBS and Citizens. The planned divestment will significantly improve RBS's capital foundation and is a further important step in making RBS a strong and secure bank that continues to fully support the needs of its customers.”
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