Royal Bank of Scotland Group plc (ADR) (NYSE:RBS) (LON:RBS) has said it will sell 140 million shares in its US banking unit Citizens Financial Group Inc in the price range of $23 - $25 per share.
Company executives are now in the midst of a two-week roadshow to help build interest in the IPO, which is expected to raise about $3.5 billion and has the potential to be the biggest new floatation from a bank over the last five years.
At the higher end of the pricing, Citizens could earn a valuation of $14 billion. Providence, R.I. based Citizens has 1,370 branches, over 18,000 employees and approximately $122 billion in assets. It ranks as the 13th largest retail bank in the...
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