RBS Citizens selling Chicago branches to U.S. Bancorp
RBS Citizens Financial Group is getting out of the retail banking business in Chicago.
The company announced Tuesday it reached a deal to sell its retail branches, small business operations and select middle-market relationships in the Chicago area to U.S. Bank National Association[6].
U.S. Bank NA is the lead bank of U.S. Bancorp[7] (NYSE: USB).
Commercial business lines and several consumer business lines will be maintained in Chicago by RBS.
BruceVan Saun[8], RBS Citizens chairman and CEO, said the transaction allows the company to focus on its "primary Citizens Bank and Charter One markets where we have stronger market positions and better long-term growth prospects."
The transaction will have to meet regulatory approval and is expected to close in the middle of the year.
It was reported back in October[9] that RBS Citizens was shopping its Chicago operations, with U.S. Bancorp identified as one of the potential suitors.
Citizens Financial Group[10], based in Providence, R.I., is the parent of Citizens Bank, the second-largest financial institution serving Pittsburgh.
Lou Corsaro is assistant managing editor at the Pittsburgh Business Times[11]. Contact him at This email address is being protected from spambots. You need JavaScript enabled to view it.[12] or 412-208-3822.
References
- ^ Louis A. Corsaro (feeds.bizjournals.com)
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- ^ LinkedIn (www.linkedin.com)
- ^ U.S. Bank National Association (www.bizjournals.com)
- ^ U.S. Bancorp (www.bizjournals.com)
- ^ BruceVan Saun (feeds.bizjournals.com)
- ^ reported back in October (www.bizjournals.com)
- ^ Citizens Financial Group (www.bizjournals.com)
- ^ Pittsburgh Business Times (pittsburgh.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)