(Reuters) - Citizens Financial Group Inc, the U.S. unit of Britain's Royal Bank of Scotland (L:RBS), said its initial public offering was expected to raise as much as $3.5 billion, making it the biggest U.S. offering by a bank this year.
The company said the offering of 140 million shares was expected to be priced at between $23 and $25 each. At the top end of the range the company will be valued at $14 billion. (http://1.usa.gov/1tlcS0t)
All the shares in the offering are being sold by RBS.
RBS said last year it would sell 20-25 percent of Citizens by the end of 2014 through a U.S. IPO as the bank faces pressure from British regulators to bolster its capital and sell off non-core assets.
Citizens, which provides retail and commercial banking services to about 5 million customers in the United States, intends to list its common stock on the New York Stock Exchange under the symbol "CFG".
Citizens had $130.3 billion of total assets and more than 1,200 branches in 11 states across the New England, Mid-Atlantic and Midwest regions as of June 30.
Morgan Stanley, Goldman Sachs & Co and JPMorgan are the lead underwriters for the IPO.
(Reporting By Neha Dimri in Bangalore; Editing by Saumyadeb Chakrabarty)