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RBS eyes $2.2 bln Citizens share sale to cut stake to below 25 pct

Reuters - UK Focus

LONDON, July 28 (Reuters) - State-backed Royal Bank of Scotland said it intends to sell up to $2.2 billion more shares in its former U.S. arm Citizens (NYSE: CIA - news) , which would cut its stake in the business to less than a quarter.

RBS (LSE: RBS.L - news) said on Tuesday it would sell 75 million shares in Citizens in an underwritten public follow-on offering, plus up to 11.25 million more shares in an over-allotment option. Citizens shares closed at $25.94 in New York on Monday.

RBS said if all the shares and the over-allotment option are sold it would have 132.7 million shares in Citizens left, or a 24.7 percent stake.

RBS said it will no longer consolidate its Citizens holding in its financial accounts following the sale. The move is expected to give a substantial boost to its capital strength. (Reporting by Steve Slater, editing by Sinead Cruise)