RBS reduces stake in Citizens Financial

• In a larger-than-expected offering, the Royal Bank of Scotland (NYSE:RBS) has sold $2.2B in shares of the Citizens Financial Group (NYSE:CFG), as it further reduces its stake in the lender.
• "The sale of Citizens...will help us to create a simpler, stronger and more efficient U.K.-focused bank that can better serve the needs of its customers," said CEO Ross McEwan.
• After the sale and a buyback, RBS will hold a 23.4% stake in the U.S. retail bank, down from 40.8%.