NEW YORK - Citizens Financial Group Inc., the U.S. subsidiary of Royal Bank of Scotland Group Plc, is exploring the sale of its Chicago branches, according to two people familiar with the matter.
Citizens is working with Bank of America Corp. on attracting offers, said the people, who asked not to be named because the process is private. The Providence, Rhode Island- based lender had 105 branches in Chicago that held almost $6 billion in deposits as of June 30, according to the Federal Deposit Insurance Corp.
RBS, majority-owned by the U.K. government, said this year that it would begin preparing to take Citizens Financial public by about 2015. The U.S. lender has $126 billion in assets and operates about 1,300 branches in 12 states, according to its website.
Citizens “does not comment on marketplace speculation or rumors,” Jim Hughes, a company spokesman, said in an e-mailed statement. John Yiannacopoulos, a spokesman for Bank of America, declined to comment. Crain’s Chicago Business earlier reported the sale of the Chicago branches.