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Citizens announcement

The Royal Bank of Scotland Group plc ("RBS") announced today that its wholly-owned subsidiary, Citizens Financial Group, Inc (“Citizens”), has filed an S-1 registration statement with the Securities and Exchange Commission in the United States in preparation for undertaking an initial public offering.

RBS first announced its plan to fully divest Citizens in November 2013.

RBS CEO Ross McEwan said:

“The divestment of Citizens is a key component of our plan to continue to strengthen RBS's capital position.  The achievement of our capital plan will allow us to focus fully on the needs of our customers.

“The filing of the Citizens S-1 is an important milestone that keeps us on track for the IPO of the business in the latter part of this year."

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