PROVIDENCE – RBS Citizens Financial Group has closed on the sale of its Chicago-area Charter One retail branches to U.S. Bancorp for $315 million, Citizens announced Monday.
The agreement, first announced in January, includes 94 of Citizens’ Charter One retail branches, small business operations and some middle-market relationships. RBS Citizens will keep its Chicago-area commercial business lines and several consumer business lines.
RBS Citizens Chairman and CEO Bruce Van Saun had previous told Providence Business News that the sale of the Charter One branches is part of bank’s consolidation of resources as it heads toward its planned initial public offering later this year.
“The close of this transaction marks an additional milestone for Citizens as we continue to sharpen our focus on enhancing revenue growth and improving the effectiveness of our operating platform,” said Van Saun in a statement. “This sale puts us in a good position to reinvest in attractive opportunities to deliver long-term growth. We remain focused on delivering a great banking experience for our customers.”
Citizens will continue to offer consumer banking products and services through its retained businesses in the Chicago market, including mortgage, home equity, auto and student lending. The company’s commercial banking division also will provide a broad range of commercial banking services in Illinois, Citizens said.