RBS closing in on Citizens float

The Royal Bank of Scotland is expected to name Morgan Stanley as the lead underwriter for a proposed float of its US subsidiary Citizens Financial Group, according to people close to the deal. Under pressure from British regulators RBS said in February that it would sell between 20 per cent and 25 per cent of its holdings in Citizens by the end of 2014 through a public offering in New York. RBS and Morgan Stanley both declined to comment.