RBS to net up to $3.7bn from Citizens sale

clock

The Royal Bank of Scotland (RBS) will net up to $3.7bn from the sale of part of its stake in US retail bank Citizens Financial Group.

RBS plans to sell 135 million shares comprising 24.7% of Citizens common stock at $23.75 per share, it confirmed today. This is a slight discount to yesterday's closing price of $24. Gross proceeds of the sale will be $3.2bn, or $3.7bn assuming exercise in full of the over-allotment option, which allows the underwriters to purchase additional shares. This option would take the stake sold to 28.4% of the group. Following the public offering, RBS Group will continue to hold up to 45.6% of Citizens shares, but plans to sell its remaining interest by the end of 2015, in a bid to strengthe...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Sivajoti: "It's been a long term goal of ours."

NextGen Planners valued at £5m as it opens crowdfunding

Comes after initial target of £150,000 was quickly exceeded

Hope William-Smith
clock 01 December 2022 • 1 min read
PA Working Lunches: Register now to hear Baillie Gifford on 7 Dec

PA Working Lunches: Register now to hear Baillie Gifford on 7 Dec

Advisers invited to join an informative lunch session worth one hour of CPD

Professional Adviser
clock 01 December 2022 • 1 min read
Kingswood acquires Cheshire-based adviser in £12m deal

Kingswood acquires Cheshire-based adviser in £12m deal

AUM stands at more than £8.5bn across UK & Ireland

Jenna Brown
clock 01 December 2022 • 2 min read