Citizens Financial is no Alibaba but shares rise

NEW YORK (AP) — Shares of Citizens Financial Group (CFG) are rising in its debut as a publicly traded company.

The stock for the U.S. banking unit of The Royal Bank of Scotland Group gained $1.45, or 6.7%, to $22.95 in Wednesday afternoon trading on the New York Stock Exchange.

Citizens Financial Group raised about $3 billion in an initial public offering of 140 million shares. The IPO priced at $21.50 per share, below the expected range of $23 to $25 per share.

Citizens Financial Group, based in Providence, Rhode Island, has about 1,200 branches across the Northeast and Midwest. RBS is based in the U.K. and is mostly owned by the British government.

The stock is trading under the "CFG" ticker symbol.