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RBS announces further share sale in US arm Citizens

Reuters

LONDON, March 23 (Reuters) - Royal Bank of Scotland is to sell up to another 132 million shares in its U.S. bank Citizens to cut its stake to less than half.

RBS said on Monday it will sell 115 million shares of Citizens' common stock and up to another 17.25 million shares in an over-allotment option, equivalent to 24 percent of Citizen's issued shares.

RBS sold a first slice of Citizens in an initial public offering in September, and said if all the shares are sold in the latest offer its stake will be reduced to 252.5 million shares, or 46.1 percent.

(Reporting by Steve Slater, editing by Sinead Cruise)