Cover Story: Remains of the day

Cover Story: Remains of the day

Europe M&A Bonds

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

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial