RBS PRESSED ahead with its plan to sell off its US arm Citizens, last night filing the first official documents in the process of floating the bank on the
Analysts believe Citizens could be worth as much as
The plan is to sell the initial tranche in the fourth quarter of 2014, before selling down the remainder by the end of 2016.
As well as cutting back RBS's international operations, selling Citizens will bring in some muchneeded cash and reduce the strain on its capital position - after losing more than £8bn in 2013 as capital buffers took a beating.
"The divestment of Citizens is a key component of our plan to continue to strengthen RBS's capital position," said RBS chief
"The achievement of our capital plan will allow us to focus fully on the needs of our customers."
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