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Empresas y finanzas

RBS unit may raise $3.5 billion in top U.S. bank IPO this year


    (Reuters) - Citizens Financial Group Inc, the U.S. unit of Britain's Royal Bank of Scotland , said its initial public offering was expected to raise as much as $3.5 billion, making it the biggest U.S. offering by a bank this year.

    The company said the offering of 140 million shares was expected to be priced at between $23 and $25 each. At the top end of the range the company will be valued at $14 billion. (http://1.usa.gov/1tlcS0t)

    All the shares in the offering are being sold by RBS.

    RBS said last year it would sell 20-25 percent of Citizens by the end of 2014 through a U.S. IPO as the bank faces pressure from British regulators to bolster its capital and sell off non-core assets.

    Citizens, which provides retail and commercial banking services to about 5 million customers in the United States, intends to list its common stock on the New York Stock Exchange under the symbol "CFG".

    Citizens had $130.3 billion of total assets and more than 1,200 branches in 11 states across the New England, Mid-Atlantic and Midwest regions as of June 30.

    Morgan Stanley, Goldman Sachs & Co and JPMorgan are the lead underwriters for the IPO.

    (Reporting By Neha Dimri in Bangalore; Editing by Saumyadeb Chakrabarty)