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FEB 28, 2013 - Washington Business Journal

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RBS confirms partial Citizens IPO

The Royal Bank of Scotland Thursday confirmed it plans to sell part of its U.S. banking arm, Citizens Financial Group, within the next two years. Citizens, based in Providence, R.I., is the parent of Citizens Bank of Pennsylvania, one of the largest banks serving Pittsburgh. RBS made the announcement as part of the release of its 2012 financial performance via Group Chief Executive Stephen Hester’s letter to shareholders: “The board has decided it is now the right time to begin work on a partial…

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