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RBS selling remaining stakes in US bank

After selling almost 80% stake in the US bank Citizens, the Royal Bank of Scotland is selling the remaining 20.9% stake too. It first sold part of the bank in September 2014 in an initial public offering, then in March 2015 it sold another chunk. RBS, which bought Citizens for $440 million in1988 was turning it into one of the biggest regional banks in the US. RBS is pulling out of 25 countries, lowering the number that it operates in to 13. Citizens Financial Group said in a statement that completion of the share offer was expected to result in RBS’s complete exit from its ownership stake in its common stock.

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