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Citizens Financial Group (CFG)

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Last Post: 5/16/2016 7:06:29 PM - Followers: 1 - Board type: Free - Posts Today: 0

Citizens Financial Group’s CFG spin-off from its U.K. parent, Royal Bank of Scotland Plc (RBS). RBS announced late Tuesday that it had sold 140 million shares at $21.50 each the issue raised only $3 billion for RBS in the first instance, rather than the hoped-for $3.5 billion, valuing Citizens at $12 billion overall. The sale is the second-biggest IPO in the U.S. this year after Alibaba and the biggest banking IPO in the U.S. for over a decade, according to the Wall Street Journal. Although it comes at a time when banks’ profits are back at their highest level since the crisis, the sale was complicated, among other things, by criticism from U.S. regulators about Citizens’ capital levels and governance in this year’s stress test. The Financial Times also cited investor concerns that the targets set out by management were too optimistic. RBS may still issue another 21 million shares at the same price through a greenshoe option, which would raise the sale volume to $3.46 billion and leave Providence, R.I.-based Citizens with a 28.75% free float. RBS is looking for a gradual exit from Citizens–still one of the largest 20 banks in the U.S. by assets despite its parent’s problems–in order to strengthen its balance sheet and focus on operations closer to home. RBS was bailed out at a cost of 43 billion pounds ($70 billion) in 2008 by U.K. taxpayers after a reckless expansion. “This IPO represents a key step on the path to full divestment,” RBS chief executive Ross McEwan said in a statement. “Selling Citizens will significantly improve our capital position and help us to create a strong and secure bank.” RBS’s investors were disappointed by the results, pushing the stock down 1.2% in early trading Wednesday.
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CFG News: Current Report Filing (8-k) 04/20/2017 06:57:52 AM
CFG News: Citizens Financial Group, Inc. Reports Record First Quarter Net Income of $320 Million and Diluted EPS of $0.61 04/20/2017 06:45:00 AM
CFG News: Citizens Bank will “Fund Your Dreams” with Giveaway 04/19/2017 08:05:00 AM
CFG News: Citizens Financial Group, Inc. Announces Time Change for First Quarter 2017 Results Conference Call 04/12/2017 05:54:00 PM
CFG News: Citizens Bank Hires Chapin Bates as NYC Metro Regional Executive 04/03/2017 10:00:00 AM
#5   Yeah have been watching tho, seems like it WinningInvestments 05/16/16 07:06:29 PM
#4   Volatility not what I expected. UpTickMeASAP 09/25/14 10:30:42 AM
#3   A lot of news for one day. Meazy 09/24/14 02:40:39 PM
#2   If it breaks that 22.90, it could really go. UpTickMeASAP 09/24/14 12:47:34 PM
#1   Missed by about a half Billy. Where's she UpTickMeASAP 09/24/14 08:17:57 AM