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Stock Market & Financial Investment News

News Breaks
January 7, 2014
09:02 EDTUSB, RBSU.S. Bancorp acquires Chicago branch banking ops of RBS Citizens Financial
U.S. Bancorp (USB) announced today that its lead bank, U.S. Bank National Association, has reached an agreement to acquire the Chicago branch banking operations of the Charter One Bank franchise owned by RBS Citizens Financial Group (RBS). The acquisition includes Charter One’s Chicago retail branch network, small business operations, and select middle market relationships. Once complete, the acquisition will nearly double U.S. Bank’s deposit market share in the Chicago metro area. Under the terms of this transaction, U.S. Bank will acquire approximately $5.3B of deposits, $1.1B of loans, 94 branches, and 800 employees for a deposit premium of approximately $315M, or 6%. At close, U.S. Bank will have combined deposits of approximately $11.3B in Chicago. Approximately 35 percent of the $5.3B of acquired deposits are non-interest bearing and NOW accounts; 48 percent are money market and savings accounts; and 17% are time deposits. This acquisition is expected to meet or exceed U.S. Bancorp’s internal financial hurdles for internal rate of return and earnings per share accretion. This transaction is subject to regulatory approval and is anticipated to close in mid-2014. RBS Citizens Financial Group Chicago branches will continue to operate under their current name, Charter One, during the transition, and will be re-branded as U.S. Bank branches once the transaction is complete.
News For USB;RBS From The Last 14 Days
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July 6, 2015
08:58 EDTRBSU.K. plans to sell half of RBS stake in two years, Reuters reports
The U.K. government plans to sell half of its stake in the Royal Bank of Scotland (RBS), worth $25B, within the next two years of a possible first sale in September, Reuters reports, citing people with knowledge of government thinking. Reference Link
July 2, 2015
18:02 EDTRBSRBS to potentially face $13B judgment in subprime mortgage case, FT says
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12:22 EDTRBSBrazil investigates banks for exchange rate manipulation
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08:14 EDTRBSRBS announces BNP Paribas as referral bank for GTS customers
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July 1, 2015
07:57 EDTUSBU.S. banks not facing significant direct losses on Greek default, WSJ says
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June 25, 2015
07:13 EDTUSBFed director says full transparency in stress testing can be 'enormous weakness'
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June 24, 2015
08:56 EDTUSBU.S. Bancorp profited from buying bonds for below market prices, WSJ says
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June 22, 2015
06:45 EDTRBSRBS may ask for more time to spin off Williams & Glyn, U.K. Times reports
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06:10 EDTRBSRBS Chairman says UK banks fear block on cross-selling, Financial Times says
RBS Chairman Sir Philip Hampton has warned that British Banks fear being blocked from cross-selling products to their clients, reports the Financial Times. Hampton said UK banks had no choice but to accept the ringfencing low that forces them to hive off retail and small business operations into a separate subsidiary at arms length from other activities. Reference Link

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