RBS Expected To Name Morgan Stanley To Lead Citizens Initial Public Offering
British bank Royal Bank of Scotland is expected to name Morgan Stanley as the lead underwriter for a proposed initial public offering of its U.S. subsidiary, Citizens Financial Group. RBS, under pressure from British regulators to bolster its capital and sell off non-core assets, said in February that it would sell 20 percent to 25 percent of Citizens by the end of 2014 through an initial public offering in New York.
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