PROVIDENCE, R.I. (WPRI) – Citizens Financial Group Inc. officially filed for an initial public offering on Monday, marking one of many early steps that could eventually lead to the Providence-based company’s separation from its parent, Royal Bank of Scotland.
RBS filed for the IPO with the Securities and Exchange Commission Monday afternoon. The company said it hopes to raise up to $100 million in the offering.
Royal Bank of Scotland bought Citizens in 1988 but said last year that it was planning to sell its stake in the local bank, citing heavy pressure from British regulators and Prime Minister David Cameron to slim down RBS and increase assets inside the U.K.
RBS has said it plans to sell a partial stake in Citizens this year through the IPO, and plans to fully sell off Citizens by 2016.
Citizens is Rhode Island’s second-largest for-profit employer and one of the capital city’s few remaining large corporations. There has been speculation for years that Citizens could be purchased by another bank such as TD Bank of Canada, which could lead to changes in its local operations.
According to the filing, Citizens would trade under the symbol “CFG.”