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Royal Bank of Scotland plans to sell off Citizens Financial Group, its US subsidiary, in three years as it focuses more on British lending and tries to build up much needed capital.
The Royal said Friday it would accelerate its plans for an initial public offering to sell a 25 percent stake in the Providence-based bank to the second half of next year, and sell the rest of its interest through subsequent stock offerings in 2015 and 2016.
“We would be better served bringing that capital back to the UK,” said RBS chief executive Ross McEwan during a call with analysts.
Citizens has been owned by Royal Bank of Scotland since 1988. For RBS, Citizens has been a profitable springboard into the US market.