Citizens Financial Group, a unit of the Royal Bank of Scotland, said it had agreed to exit its Chicago area retail branches and small business operations to US Bancorp.
US Bancorp
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Financial information provider SNL Financial in a report said that the five largest lenders in US control 44.2% of the industry's assets. JPMorgan Chase & Co, Bank of America,Citigroup,Wells Fargo & Co, and US Bancorp have a total of $6.46 trillion in assets.
Royal Bank of Scotland US subsidiary Citizens Financial Group is bidding out nearly 105 branches with USD6 billion in deposits and USD2.4 billion in loans.
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