Royal Bank of Scotland to float 25% of US unit
London (AFP) - Britain's bailed-out Royal Bank of Scotland announced on Monday that it planned to float one quarter of US subsidiary Citizens Financial Group.
RBS said in a statement that it planned to sell 140 million shares for between $23 and $25 each, which would net the bank up to $3.5 billion (2.7 billion euros).
The news comes 19 months after RBS announced its intention to carry out an initial public offering of its US arm.
"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," RBS chief executive Ross McEwan said in a statement.
"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."
Edinburgh-based Royal Bank of Scotland remains 81-percent state-owned after it was rescued with £45.5 billion of taxpayers' cash during the 2008 global financial crisis, making it the world's biggest-ever banking bailout.
