Citizens Financial Group Announces Completion of RBS Ownership Selldown
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Citizens Financial Group, Inc. (NYSE: CFG) today announced the closing
of The Royal Bank of Scotland Group plc’s (“RBS”) registered
underwritten public offering of 110,461,782 shares of CFG’s common
stock. In completing this transaction, RBS has fully exited its
ownership stake in CFG’s common stock.
“We are very pleased to have achieved independence for Citizens over one
year ahead of schedule,” said Chairman and Chief Executive Officer Bruce
Van Saun. “The accelerated timeframe for RBS’s divestiture was made
possible by the great work of Citizens colleagues, who rose to the
challenge while continuing to provide excellent service to our
customers. We thank RBS for their support and look forward to continuing
with a commercial relationship that will be mutually beneficial for both
banks and their customers. While we still have work to do to continue to
improve our performance, this is an important day in the history of
Citizens and a significant marker of the progress we are making toward
our goal of becoming a top-performing regional bank.”
Goldman, Sachs & Co., BofA Merrill Lynch, Citigroup and J.P. Morgan
acted as underwriters for the offering.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest
financial institutions, with $135.4 billion in assets as of September
30, 2015. Headquartered in Providence, Rhode Island, Citizens offers a
broad range of retail and commercial banking products and services to
individuals, small businesses, middle-market companies, large
corporations and institutions. In Consumer Banking, Citizens helps its
retail customers “bank better” with mobile and online banking, a 24/7
customer contact center and the convenience of approximately 3,200 ATMs
and approximately 1,200 Citizens Bank branches in 11 states in the New
England, Mid-Atlantic and Midwest regions. Citizens also provides
mortgage lending, auto lending, student lending and commercial banking
services in select markets nationwide. In Commercial Banking, Citizens
offers corporate, institutional and not-for-profit clients a full range
of wholesale banking products and services including lending and
deposits, capital markets, treasury services, foreign exchange and
interest hedging, leasing and asset finance, specialty finance and trade
Citizens operates through its subsidiaries Citizens Bank, N.A., and
Citizens Bank of Pennsylvania.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements within the Private
Securities Litigation Reform Act of 1995. Any statement that does not
describe historical or current facts is a forward-looking statement.
These statements often include the words “believes,” “expects,”
“anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,”
“initiatives,” “potentially,” “probably,” “projects,” “outlook” or
similar expressions or future or conditional verbs such as “may,”
“will,” “should,” “would,” and “could.” Forward-looking statements are
based upon the current beliefs and expectations of management, and on
information currently available to management. Our statements speak as
of the date hereof, and we do not assume any obligation to update these
statements or to update the reasons why actual results could differ from
those contained in such statements in light of new information or future
events. We caution you, therefore, against relying on any of these
forward-looking statements. They are neither statements of historical
fact nor guarantees or assurances of future performance. More
information about factors that could cause actual results to differ
materially from those described in the forward-looking statements can be
found under “Risk Factors” in our Annual Report on Form 10-K filed with
the United States Securities and Exchange Commission on March 3, 2015.
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Citizens Financial Group, Inc.
Ellen A. Taylor, 203-900-6854
Source: Citizens Financial Group, Inc.