29th Jul 2015 07:00
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC on Wednesday said it has priced its offering of shares in Citizens Financial Group Inc, having announced it would sell a further stake in the US retail bank on Tuesday.
RBS said it will sell 86 million shares in Citizens, or 16% of the total issued share capital of the company, for USD26 per share.
RBS will get gross proceeds of USD2.2 billion from the sale and intends to use the proceeds for general business purposes.
"The sale of Citizens is an integral part of our capital plan. It will help us to create a simpler, stronger and more efficient UK-focussed bank that can better serve the needs of its customers," Chief Executive Ross McEwan said.
"This offering will leave us owning just over 20% of Citizens. We are now targeting to be able to exit Citizens fully by the end of 2015, a year ahead of the original deadline," McEwan added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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