LONDON Jan 7 Royal Bank of Scotland
said it is selling its 94 Chicago-area retail branches and small
business operations in the area to U.S. Bancorp.
RBS said on Tuesday the sale by its U.S. arm Citizens will
allow it to focus on its primary Citizens Bank and Charter One
markets and pursue strategic business growth initiatives.
The sale includes 94 Charter One branches in the Chicago
area, $5.3 billion in local deposits and $1.1 billion in locally
originated loans for a deposit premium of about $315 million, or
6 percent of deposits.
RBS Citizens will retain some operations in the Chicago
market, including the consumer businesses lines of mortgage
lending, education finance and auto finance.