UPDATE 2/28: Chronically troubled Royal Bank of Scotland, after reporting a pre-tax 2012 loss of more than 5 billion U.K. pounds, confirms plans to sell shares of Citizens Bank of Pennsylvania and its other U.S. banking operations in a typically rosy-scented corporate report to shareholders today. Read it here, open "Partial Results, Part 1," search on "Citizens." Excerpt:
"The Board has decided it is now the right time to begin work on a partial flotation of Citizens, our U.S. banking business, targeted probably at around 2 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. This provides a positive opportunity for Citizens and its 14,700 employees, as well as being a sensible move for RBS as a whole."
EARLIER 2/26: Royal Bank of Scotland, the crippled U.K. lending giant that's been controlled by British banking authorities since the 2008 financial crisis, "will this week announce plans to sell a stake in Citizens Financial Group Inc.," its U.S. banking arm, "said a person with knowledge of the plans," according to Bloomberg News here.
RBS "will sell a 15 percent to 25 percent holding in Citizens," with RBS retaining majority control of the profitable franchise, according to the report.