RBS Plans To Sell Part Of Citizens Financial Stake

(RTTNews) - Royal Bank of Scotland Group Plc. (RBS, RBS.L) said that it intends to sell part of its shareholding in Citizens Financial Group Inc. (CFG) in an underwritten public follow-on offering.

RBS offers 75 million shares of Citizens' common stock, equivalent to 14.0% of CFG's issued and outstanding common stock excluding an over-allotment option. A further 11.25 million shares will be made available by RBSG under a 30 day over-allotment option.

If all the CFG shares made available in the Offering are sold, assuming no exercise of the over-allotment option, RBSG's remaining stake would comprise 144.0 million shares, equivalent to 26.8% of CFG's issued and outstanding common stock. If the over-allotment option is exercised in full, RBSG's remaining stake would be 132.7 million shares or 24.7% of CFG's issued and outstanding common stock.

It is also the intention that Citizens Financial will repurchase a further $250 million of CFG common stock from RBSG at the Offering price in a directed buy back.