Royal Bank of Scotland turns to Davis, Polk & Wardwell

September 30 1998

The Royal Bank of Scotland has agreed to buy Bank of Ireland's 23.5% holding in US bank, Citizens Financial Group. The deal is valued at $750 million, and will give Royal Bank of Scotland 100% ownership of Citizens Financial.

Davis, Polk & Wardwell in New York is working on the deal, on behalf of Royal Bank of Scotland. Tax partner Kathleen Ferrell heads a tax team which includes senior tax attorney Mary Conway and tax associate Hilary Hoover.

Sullivan & Cromwell in New York is representing Bank of Ireland.

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