Comment: Hester will have to fight to hold on to Citizens STEPHEN Hester has continually stated he doesn't want to sell US business Citizens Financial Group, but the Royal Bank of Scotland boss must wonder if anyone is listening or whether he will have the last say. This is a story that won't go away. Financial tipsters in the City expect RBS to offload Citizens to further shore up its balance sheet at a time of continuing pressure in the eurozone. The Financial Services Authority is turning up the heat and now UK Financial Investments (UKFI), the body that looks after the taxpayers" interests in the banks, has revealed it has been talking to RBS about this. Citizens is one of the largest regional banks in the US with 1,500 branches in 12 states and was the cornerstone of RBS's expansion into the country under Fred Goodwin. While Hester has been under orders to shrink the balance sheet, there are certain businesses he would rather retain and this is one of them. Crucially, it is one of the more profitable parts of the RBS group, but would probably fail to fetch a premium price at a time when possible buyers are also trying to shore up their capital bases. It was revealed yesterday that no credible buyers have stepped forward to buy any of the state-owned holdings in RBS or, for that matter, Lloyds. Having seen Direct Line floated for less than he had hoped to achieve, Hester will be doubly reluctant to sell Citizens for a giveaway price. Analysts have put a $12 billion (£7.5bn) price tag on Citizens if it was sold now, against the $14-$16bn that RBS believes it is worth. Hester may have a fight on his hands persuading his masters that he should hold out until there is a better time to sell. But a fire sale of assets to resolve a capital crisis that has not yet, and may never, occur smacks of panic, or perhaps political pressure to offload parts, if not the whole, of RBS ahead of the general election. It would not be in the interests of taxpayers who deserve to realise as near to full value for good assets as they can reasonably expect. Ideal way to cement place in key market WITH its home and UK markets underperforming and international doing well, it comes as little surprise that Irish cider maker C&C is pushing ahead with its expansion overseas under the guidance of Joris Brams, managing director of international business, whose appointment to the board is a clear signal of intent. Figures for Ireland and the UK were at the low end of expectations, veering towards weaker than expected. But international business is growing strongly, with volumes up 53 per cent in the half year. Its acquisition of Vermont Hard Cider company in the US for $305m (£190m) is seen by some to be at top end of the price range at 20 times underlying profit, but this is a fast-growing category in the US and with this deal C&C becomes the number one cider maker in the country. The group has moved smartly to get hold of a company with a 40 per cent market share and the best-selling cider in the US from under the noses of some bigger rivals who are positioning themselves to make their own moves into the category. Vermont's owners could have sold to a larger group, and probably for a bigger price, but is said to be comforted by C&C's scale and hands-off management style that will allow the business to remain rooted in its craft tradition.