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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Royal Bank of Scotland Group    RBS   GB00B7T77214

ROYAL BANK OF SCOTLAND GROUP (RBS)
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Royal Bank of Scotland Group plc : RBS Plans to Float Stake in U.S. Business - Sources

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02/23/2013 | 12:34pm CEST
   By Max Colchester 
 

LONDON--Royal Bank of Scotland Group PLC (RBS, RBS.LN) is set to present plans next week to float up to a quarter of its U.S. retail business, according to people briefed on the matter.

RBS Chief Executive Stephen Hester will present the lender's board with a plan to list between 20% and 25% of RBS Citizens Financial Group Inc. in the next two years, one person said. Another person said that the size of the stake had not been finalised yet.

The move follows pressure from U.K. regulators for the 81% British government-owned bank to shore up its balance sheet and raise extra capital. RBS has yet to hire advisors for the deal. Analysts have estimated Citizens's value at around GBP6.6 billion.

Citizens has nearly 1500 branches in the U.S. and is present in 13 states. In the first nine months of 2012 RBS's U.S. retail and commercial division generated revenues of GBP2.35 billion.

The decision to float a part of Citizens follows months of fractious negotiations with U.K. regulators. Back in October a director at the Financial Services Authority wrote to Mr. Hester saying that RBS should consider strengthening its capital base by selling off Citizens.

Mr. Hester seemed set against the idea stating that Citizens was a lucrative part of the business and is in the midst of restructuring. He also argued that finding a buyer willing to pay a fair price for the business would be complicated.

Floating part of Citizens would allow more transparency on the value of the U.S. bank, the person briefed on the matter said. It also removes any immediate pressure for the company to dispose of the business. RBS is set to post a net loss when it presents full year result next week. This is expected to further ratchet up pressure on RBS's management to accelerate the restructuring of the bank which was bailed out by the U.K. taxpayer at the height of the financial crisis.

Write to Max Colchester at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ( GBP)
Sales 2018 12 926 M
EBIT 2018 5 459 M
Net income 2018 455 M
Debt 2018 -
Yield 2018 2,51%
P/E ratio 2018 45,40
P/E ratio 2019 14,38
Capi. / Sales 2018 2,70x
Capi. / Sales 2019 2,64x
Capitalization 34 840 M
Chart ROYAL BANK OF SCOTLAND GRO
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Royal Bank of Scotland Gro Technical Analysis Chart | RBS | GB00B7T77214 | 4-Traders
Technical analysis trends ROYAL BANK OF SCOTLAND GRO
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 3,00  GBP
Spread / Average Target 3,5%
EPS Revisions
Managers
NameTitle
Ross Maxwell McEwan Chief Executive Officer & Executive Director
Howard John Davies Chairman
Mark Bailie Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
Brendan R. Nelson Independent Non-Executive Director
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