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Citizens Financial Group files for IPO

Rochester Business Journal
May 13, 2014

Citizens Financial Group Inc., parent of RBS Citizens N.A. branches in the Rochester market, has filed paperwork for its initial public offering.

A registration statement was filed Monday with the U.S. Securities and Exchange Commission. The number of shares to be offered and the price range have not been determined, bank officials said.

The bank is the U.S. subsidiary of the Royal Bank of Scotland Group PLC, which has announced its intention to sell 25 percent of Citizens this year and the rest of its U.S. portfolio by 2016.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. are coordinating the IPO, officials said. J.P. Morgan Securities LLC is the bookrunner.

Citizens is the 13th largest retail bank holding company in the United States, with total assets of $122.2 billion as of Dec. 31, officials said. The Providence, R.I.-based bank employs 18,600 at 1,370 branches in New York and 11 other states, officials said.

Citizens Bank N.A. ranks fourth in the Rochester market with local deposits of $1.5 billion, data from the Federal Deposit Insurance Corp. shows.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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