After months of speculation, The Royal Bank of Scotland plc has put Citizens Financial Group, Inc., on the market.
Citizens filed an S-1 with the Securities and Exchange Commission today for a proposed initial public offering of the common stock now held by RBS. The number of shares to be offered as well as the price range have yet to be determined Citizens, said in a release.
Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are acting as joint global coordinators and J.P. Morgan Securities LLC is acting as joint bookrunner for the offering.
According to the filing, Citizens has a network of over 5,900 dealers in 40 states. Auto represented $9.2 billion of the bank’s loans as of December 31, 2013.