January 7, 2014 / 2:21 PM / 4 years ago

U.S. Bancorp buys 94 RBS bank branches in Chicago

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LONDON, Jan 7 (Reuters) - 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.

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