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Article: If Scottish owner decides to sell, timing doesn't favor regional bank
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 3, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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British regulators are pressuring the Royal Bank of Scotland
Group to shed portions of the company as it prepares to accept more
government bailout assistance, which could lead it to sell its
Citizens Financial Group in the United States.
The Scottish banking giant, which would be more than 80 percent
owned by the British government according to UK press reports, is
expected to announce what it will sell off as soon as today. In a
statement, the company said its decisions "will include some
divestments not initially contemplated."
Citizens Financial, based in Providence, is Boston's second
largest banking institution, with $153 billion in assets and 23,000
employees in 12 northeastern ...