Editing Citizens Financial Group (section)

== IPO ==

Following the effective [[nationalization]] of RBS in 2008, speculation arose as to whether RBS would retain Citizens Bank. In 2012, public pressure in the United Kingdom grew for RBS to focus on its home market and sell foreign assets, including Citizens Bank, in order for UK taxpayers to earn their money back. Substantial interest in Citizens Bank had been rumored from other foreign banks such as [[Brazil]]-based [[Itaú Unibanco]] and [[Canada]]-based [[Toronto-Dominion Bank]], the latter of which already had an existing [[TD Bank, N.A.|U.S. branch network]] that overlapped with the existing Citizen footprint east of the [[Appalachian Mountains]].<ref name=colchester>{{cite news| title=RBS, U.K. Wrestle Over Fate of Citizens| url=https://www.wsj.com/news/articles/SB10001424052970203400604578070303436735238| last1=Colchester| first1=Max| last2=Enrich| first2=David| work=The Wall Street Journal| date=October 21, 2012| access-date=August 12, 2014}}</ref> The [[Bank of Montreal]], with its [[BMO Harris Bank|existing U.S. presence]], was also mentioned as a possible buyer.<ref name="Sale">{{cite news| url=http://www.bizjournals.com/pittsburgh/news/2012/10/24/citizens-sale-would-impact-pittsburgh.html?page=all | title=Citizens Bank sale would impact Pittsburgh| last=Tascarella| first=Patty| work=[[American City Business Journals|Pittsburgh Business Times]]| date=October 24, 2012| access-date=August 12, 2014}}</ref> U.S. banks mentioned as potential Citizens buyers included [[JPMorgan Chase]], [[Wells Fargo]], [[U.S. Bancorp]], [[PNC Financial Services]], and [[Fifth Third Bank]].<ref name="Sale"/><ref name=wallack>{{cite news| title=Ailing parent RBS insists Citizens Bank not for sale| url=https://www.bostonglobe.com/business/2012/08/10/despite-rumors-rbs-says-citizens-bank-remains-key-part-its-future/A9nqFtOvcmiQncRTXYDEwK/story.html| last=Wallack| first=Todd| work=The Boston Globe| date=August 11, 2012| access-date=August 12, 2014}}</ref>

In February 2013, RBS confirmed at least a partial spinoff of Citizens through an [[initial public offering]] within the next two years. Then in October 2013, RBS announced it would sell its [[Chicago]]-area branches, which represented 6% of its U.S. deposits;<ref name=sabatini>{{cite news| url=http://www.post-gazette.com/stories/local/region/30-years-pnc-eats-up-market-share-boosts-downtown-building-707402/| work=[[Pittsburgh Post-Gazette]]| first=Patricia| last=Sabatini| title=30 Years: PNC eats up market share, boosts Downtown building| date=October 13, 2013| access-date=October 17, 2013| archive-date=October 17, 2013| archive-url=https://web.archive.org/web/20131017225217/http://www.post-gazette.com/stories/local/region/30-years-pnc-eats-up-market-share-boosts-downtown-building-707402/| url-status=dead}}</ref> Citizens later agreed to sell those branches to [[U.S. Bancorp]] on January 7, 2014.<ref>{{cite news| url=https://dealbook.nytimes.com/2014/01/07/citizens-financial-to-sell-chicago-area-branches-to-u-s-bancorp/ | work=The New York Times| first=Chad| last=Bray| title=Citizens Financial to Sell Chicago-Area Branches to U.S. Bancorp| date=January 7, 2014}}</ref> Finally in November 2013, RBS announced that it would divest all of Citizens Financial Group.<ref name=divest>{{cite press release| title=RBS announces plans to accelerate partial IPO for RBS Citizens Financial Group and fully divest Citizens by 2016| url=http://www.charterone.com/about-us/news/shared/2013/11_1_13_ipo.aspx| date=November 1, 2013| publisher=Citizens Financial Group| access-date=August 12, 2014| archive-url=https://web.archive.org/web/20140813101800/http://www.charterone.com/about-us/news/shared/2013/11_1_13_ipo.aspx| archive-date=August 13, 2014| url-status=dead}}</ref>

The bank began trading on the New York Stock Exchange under the ticker symbol CFG on September 24, 2014, raising $3 billion.<ref>{{cite news| url=https://www.bloomberg.com/news/articles/2014-09-23/citizens-raises-3-billion-in-ipo-pricing-below-marketed-range| title=Citizens Financial Climbs After $3 Billion IPO| first1=Elizabeth| last1=Dexheimer| first2=Leslie| last2=Picke| publisher=[[Bloomberg L.P.]]| date=September 24, 2014}}</ref> By April 2015, RBS Group's shareholding in the bank had dropped to 45.6%.<ref>{{cite web| url=https://www.nytimes.com/2015/03/27/business/dealbook/rbs-sells-3-2-billion-in-stock-of-citizens-financial-group.html| title=R.B.S. Sells $3.2 Billion in Stock of Citizens Financial Group| date=March 26, 2015| access-date=May 11, 2015| newspaper=The New York Times| last=Bray| first=Chad}}</ref> A further sale in July 2015 reduced RBS' stake to 23.4%.<ref>{{cite news| last1=Bray| first1=Chad| title=R.B.S. Sells $2.2 Billion in Shares of Citizens Financial Group| url=https://www.nytimes.com/2015/07/30/business/dealbook/rbs-sells-2-2-billion-in-shares-of-citizens-financial-group.html?_r=0| access-date=August 5, 2015| work=The New York Times| date=July 29, 2015}}</ref> RBS sold its remaining stake in the bank in October 2015.<ref>{{cite news| title=RBS profits rise on Citizens sale| url=https://www.bbc.co.uk/news/business-34674586| access-date=October 30, 2015| work=[[BBC News]]| date=October 30, 2015}}</ref> However, Citizens still uses the RBS "daisy wheel" logo.

In June 2016, it was announced that Citizens Financial Group had joined the [[Fortune 500]] for the first time.<ref>{{cite journal |url=http://fortune.com/2016/06/06/fortune-500-companies-making-debuts/ |title=Here Are The 15 New Companies Joining The Fortune 500 |journal=[[Fortune (magazine)|Fortune]] |date=June 6, 2016 |access-date=June 7, 2016}}</ref>