RBS to dispose of Chicago-area operations

7th Jan 2014 14:08

The Royal Bank of Scotland has announced its plan to sell some of its Chicago-area operations. The company's Citizens Financial Group will sell its Charter One branches, small business operations and select middle market relationships located in Chicago to US Bancorp. The move is being made to enable the company to focus on its primary Citizens Bank and Charter One markets and pursue strategic business growth initiatives.The Citizens Financial Group will retain diverse commercial banking operations and local mortgage lending, student lending and auto lending operations in Chicago, it said. In a statement, the Chairman and Chief Executive Officer of the business, Bruce Van Saun, said: "This transaction will allow us to focus our efforts on our primary Citizens Bank and Charter One markets, where we have stronger market positions and better long-term growth prospects. "We have a number of business growth initiatives and enhancements to the customer experience in flight that position us well for the future." NR