September 1, 2012
By Elliot Wilson
When speculation first emerged in August that troubled lender Royal Bank of Scotland was seeking to sell a highly prized US asset, Citizens Financial Group, heads nodded sagely.
The deal, priced at $16 billion by the British media outlets that broke the story, made good sense. It would allow the London-based bank, once a global giant, now hobbled and humbled, to redeem a portion of the UK government’s 82% stake.
RBS downplayed the rumors: its chief executive Stephen Hester insisted that Citizens remained one of the bank’s core assets. But analysts thought the sale would prove a boon for RBS: unloading the asset would give the UK lender a big, quick capital fix at
As western lenders pull back from markets once deemed vital to their future growth prospects, Latin America’s home-grown banks are swooping in to pick up the pieces