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Japan's Sumitomo looks at Citizens Bank: report

Latest rumored would-be buyer

Sumitomo Mitsui Financial Group Inc. of Japan is the latest would-be buyer who investment bankers are touting as a possible acquirer of Royal Bank of Scotland Group's Citizens Bank, says the Wall St. Journal here, citing unnamed sources. Last fall a British newspaper said TD Bank was interested.

Royal Bank's own plan is to spin Citizens Financial Group into an independent company, run by newly promoted Bruce Van Saun, from its offices in Rhode Island, through lieutenants like his Philadelphia deputy, Daniel Fitzpatrick. Citizens ranks with TD and PNC among the largest banks in the Philadelphia area, trailing market leader Wells Fargo & Co.

But bosses from Sumitomo Mitsui and Royal Bank "have recently discussed a possible deal for RBS Citizens, which has nearly 1,400 Citizens Bank branches and $122 billion in assets across 12 states in the Northeast and Midwest," says the Journal. Talks are at an "early, informal stage" and might lead to nothing.