Arab Today, arab today rbs us bank citizens scores solid gains in market debut
Last Updated : GMT 07:05:56
Arab Today, arab today
Arab Today, arab today

RBS US bank Citizens scores solid gains in market debut

Arab Today, arab today

Arab Today, arab today RBS US bank Citizens scores solid gains in market debut

Shares in Citizens Financial Group
New York - AFP

Shares in Citizens Financial Group rose sharply in their first day of trade in New York on Wednesday, after parent Royal Bank of Scotland lowered the IPO price.
After the second-largest initial public offering of the year, Citizens shares closed at $23.08, up 7.4 percent from its $21.50 per share IPO price.
Trading on the New York Stock Exchange under the ticker "CFG", the shares were performing better than anticipated after a bumpy rollout.
Late Tuesday, Royal Bank of Scotland, cut its planned $23-25 IPO price for 140 million common shares to $21.50 due to lackluster demand from investors.
The offer raised about $3.0 billion, valuing the Providence, Rhode Island-based bank at $12 billion.
RBS has set a 30-day offer of about 21 million additional shares at the IPO price in case of strong demand. If the option is fully executed, RBS would hold 71.3 percent of the subsidiary's common stock.  
At $3.0 billion, the Citizens IPO is the second-largest in the United States in the year to date after Alibaba's $25.0 billion offering last Thursday, according to Dealogic.
In addition, the deal ranks the third-largest bank IPO from a US issuer on record, behind CIT Group in 2002 at $4.9 billion and Goldman Sachs in 1999 at $3.7 billion, Dealogic said.
Citizens, one of the nation's oldest banks, tracing its roots to 1828, is the 13th largest US bank by assets. It had $130.3 billion in assets as of June 30.
RBS plans to completely sell off Citizens by 2016 as part of vast restructuring program.
"This IPO represents a key step on the path to full divestment," said RBS chief executive Ross McEwan in a statement.
"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."
The Royal Bank of Scotland is 81 percent owned by the British state after it was rescued with £45.5 billion ($74.4 billion) of public money during the global financial crisis, in the world's biggest bank bailout.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rbs us bank citizens scores solid gains in market debut Arab Today, arab today rbs us bank citizens scores solid gains in market debut

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday