Royal Bank of Scotland has unveiled plans to begin the process of selling some of its US business, Citizens.
Announcing its 2012 annual figures, the bank said in a statement:
The board has decided it is now the right time to begin work on a partial flotation of Citizens, our US banking business, targeted probably at around two years from now.
Citizens is a good business, serving around 5 million customers in the north east of the United States where it is has a strong market position.
It has been substantially improved since 2009 and a local public listing will help to highlight its growing value.
More top news
Rain for the northwest, dry and cold elsewhere
Rejecting a showdown with Ed Miliband, David Cameron's terms sent to broadcasters reveal his deep dissatisfaction with the debate proposals.
The owners of what some people claim to be the 'Welsh Holy Grail' are offering a cash reward for the ancient artefact's safe return.