RBS Citizens Announces IPO | Auto Finance News | Auto Finance News

RBS Citizens Announces IPO

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 on May 13 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. and Goldman, Sachs & Co. are acting as joint global coordinators, and J.P. Morgan Securities LLC is acting as bookrunner for the offering. According to the filing, Citizens has a network of 5,900 dealers in 40 states. Auto represented $9.2 billion of the bank’s loans as of Dec. 31, 2013.


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