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.
– RBS statement
It has been substantially improved since 2009 and a local public listing will help to highlight its growing value.