By Jake Mann, Benzinga Staff Writer. Yesterday, the Royal Bank of Scotland Group plc (LON: RBS) revealed more details about its upcoming spinoff. The IPO, which will center on RBS’s US retail banking arm Citizens Financial, is expected to raise upwards of at least $3 billion with a total market capitalization above $13 billion, according to The Wall Street Journal. Renaissance Capital reports this would make Citizens Financial the largest bank IPO in five years. Interestingly, not everybody is.
News & Press
Pressure builds for big banks to begin breaking up
Jun 6, 2014
By Danielle Randall-Saba, Staff Writer at The Deal. Experts expect that new rules and restless shareholders will encourage executives to trim operations. In fact, some have already started. The big question is which mega-bank will be the first to contemplate a mega-split? “An explosion in regulation, and some major hiccups in equity market performance could push some of the most visible financial institutions to spin off their valuable commercial banking, investment banking and money management.