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    RBS Expected To Name Morgan Stanley To Lead Citizens Initial Public Offering

    Rebecca Stefansky

    by Rebecca Stefansky

    British bank Royal Bank of Scotland is expected to name Morgan Stanley as the lead underwriter for a proposed initial public offering of its U.S. subsidiary, Citizens Financial Group. RBS, under pressure from British regulators to bolster its capital and sell off non-core assets, said in February that it would sell 20 percent to 25 percent of Citizens by the end of 2014 through an initial public offering in New York.