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Royal Bank of Scotland CFO Bruce Van Saun will replace Ellen Alemany as CEO of its U.S. business. He is preparing Citizens Financial for a partial IPO by 2015, though he said in an interview that he is open to "attractive" takeover offers.
May 9 -
Royal Bank of Scotland's U.S. subsidiary is adding staff in lending and wealth management under new CEO Bruce Van Saun as it looks looks to boost its loan portfolio and improve its revenues ahead of its widely anticipated public stock offering.
October 4 -
The current bank M&A market is too hostile for Royal Bank of Scotland to consider completely selling off its U.S. subsidiary, the incoming chief executive of that unit says.
September 9 -
The head of Toronto-Dominion Bank (TD) said Thursday that he is not interested in buying Royal Bank of Scotland's U.S. operations.
February 28 -
Toronto-Dominion Bank is thinking of making a play for Royal Bank of Scotlands Citizens Financial Group, according to a report published Sunday.
October 15
Royal Bank of Scotland has accelerated its plans to sell its U.S. subsidiary.
The company will conduct a partial initial public offering of its Citizens Financial Group unit in the second half of 2014, and plans to fully divest itself through offerings in 2015 and 2016, it announced Friday. RBS early this year had said that it would sell 20% to 25% of Citizens to the public by 2015.
"We have a clear plan that will facilitate our becoming an independent, standalone bank within three years," Bruce Van Saun, the chief executive of Citizens, said in a news release. "We have benefited from our long association with RBS and will continue to maintain a strong business relationship with RBS throughout this period and beyond."
Van Saun
Speculation has swirled for months whether RBS would consider selling the entire Citizens unit to another bank. Before the announcement Friday, Van Saun had insisted that RBS was sticking by its plans for a partial IPO of Citizens and that the time was not yet ripe for an outright sale of the $118 billion-asset unit.
"Even if you wanted to do something, now would not be the time to do anything," he
Earlier this year, Ed Clark, the CEO of Toronto-Dominion Bank,
Last month Citizens hired Bank of America (BAC) to
