RBS cuts Citizens share price

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Royal Bank of Scotland has cut the price of shares in the sale of a stake in US bank Citizens Financial Group.

BBC News reports that RBS will raise $3bn (£1.8bn) from selling the 25% stake, after pricing the shares at $21.50 each.

Earlier this month it priced the shares in the range of $23 to $25 per share, potentially raising $3.5bn.

The Financial Times reported that some investors were concerned about the outlook for Citizens and were unwilling to pay the higher price.

In a statement RBS chief executive, Ross McEwan said: 'The sale of Citizens is an integral part of the RBS capital plan.

'Selling Citizens will significantly improve our capital position and help us to create a strong and secure bank that can continue to fully support the needs of its customers.'

RBS bought Citizens for $440m in 1988 and subsequently turned it into one of the biggest regional banks in the US.

Hit the link below to access the complete BBC News article:

RBS cuts the price of shares in Citizens Financial sale

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