Citizens Financial Group, owned by the UK-based Royal Bank of Scotland Group (RBS), has filed for an initial public offering (IPO) to raise around $100m, as part of its plan to boost balance sheet and offload non-core assets.
In the US Securities and Exchange Commission (SEC) filing, Citizens said that the number of shares to be offered and the price range for the proposed deal haven’t yet been determined.
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Morgan Stanley and Goldman, Sachs & Co are serving as the joint global coordinators while JP Morgan Securities is acting as joint bookrunner for the offering.
In 2013, RBS said that it would divest approximately 20-25% of Citizens assets by the end of 2014 through a US IPO as the bank faces pressure from British financial regulators to boost balance sheet.
The Providence, Rhode Island-based company operates one of the largest regional banks in the US, and has $122.2bn in assets while Citizens Financial Group offers an array of retail and commercial banking products and services through nearly 1,370 branches and more than 3,500 ATMs operated in a 12-state footprint across the New England, Mid-Atlantic and Midwest regions.
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