Citizens plans for expansion after RBS sale

Tim Wallace
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RBS’s US bank Citizens has detailed its plans to get bigger in mortgage lending and commercial debt once it has been sold off as a separate entity.

The bailed-out British bank wants to re-focus its operations on domestic retail and business lending.

As a result it is floating Citizens in the US, selling a stake of at least 25 per cent this year and the whole bank by the end of 2016.

Analysts believe the bank could be worth as much as $15bn (£8.9bn).

“Building on our core strengths, we intend to become a top-performing regional bank as viewed through the lenses of our five major stakeholders: customers, investors, regulators, colleagues and communities,” said the listing document. “We have identified a series of fundamental strategic initiatives designed to maximise the full potential of our business and drive sustainable growth and enhanced profitability.”

It is expected that will mean hiring thousands more staff to originate mortgages.

Citizens boss Bruce van Saun also wants to increase the bank’s wealth management and capital markets revenues.