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BUZZ-Citizens Financial: RBS reduces stake in $3.2 bln secondary

Reuters - UK Focus

** Bank's shares see heavy trading as RBS (LSE: RBS.L - news) cuts stake via upsized secondary offering

** CFG shares unchanged at $24, trade $1 bln of volume

** RBS sells 135 mln shares, up from 115 mln shares at launch, at $23.75

** Offering reduces RBS's ownership stake to less than half CFG's 547.3 mln shares outstanding

** RBS has committed to disposing of its remaining CFG position, over time, by December 31, 2016, subject to market conditions

** Citizen's $3 bln IPO, set at $21.50 per share, was last year's second largest after Alibaba

** RBS shares currently down 0.6 pct

(RM (LSE: RM.L - news) : lance.tupper.thomsonreuters.com@reuters.net)