Six New Private Banking Offices to Open Across
the Country
Citizens Financial Group, Inc. (NYSE: CFG) today announced the
national launch of Citizens Private Bank, a significant milestone
in Citizens’ long-term strategy to accelerate growth in Wealth
Management, improve capabilities in the high-net-worth segment and
expand in key markets. Citizens Private Bank provides holistic,
high-touch client service to high-net-worth individuals, families
and businesses, including private family foundations, non-profit,
multifamily and commercial real estate, life sciences, private
equity and venture capital firms.
Citizens is also opening six Private Banking Offices later this
year and throughout 2024, with a focus on continued growth
throughout the country. These initial offices will open in New York
City, Boston and Palm Beach, in addition to locations throughout
the San Francisco Bay Area (Downtown San Francisco, Silicon Valley
and Marin County).
The new venture redefines the concept of private banking in a
rapidly changing environment. As previously announced in June,
Citizens hired approximately 150 highly experienced colleagues,
including 50 relationship managers who understand their clients’
unique needs and provide a full range of products, services and
advice, such as personal and commercial banking, financial and
retirement planning and investment management. Since that time,
more than 25 additional hires have been made across private
banking, wealth management and related support roles.
“Today’s launch represents a significant step forward for
Citizens and our Private Banking and Wealth Management strategy, as
we bring to market an extraordinary client service model for
high-net-worth individuals and businesses,” said Brendan Coughlin,
Vice Chair and Head of Consumer Banking at Citizens. “We’ve
continued to grow our talented team of relationship managers,
wealth managers and support staff in a market that has been
materially disrupted, which positions Citizens to be a preeminent
Private Bank over time.”
“Working closely with colleagues across Citizens, the private
banking team enhances our ability to serve as our clients’ trusted
advisors,” said Donald H. McCree, Vice Chair and Head of Commercial
Banking at Citizens. “We are confident we can quickly fill a void
left in the private banking market, especially for clients in
private equity, venture capital and multifamily offices who are
looking for a strategic partner to help enable their unique
financial journey.”
Citizens Private Bank will accelerate Citizens’ overall
expansion in several key regions across the country, with teams
located in the San Francisco Bay Area, Boston, New York and Palm
Beach. Susan deTray serves as Head of Citizens Private Bank,
leading the private banking operational and expansion strategy. The
deeply experienced, client service-focused relationship manager
leads in each office include:
- Boston: Doug Smith, John Packowski, David Emmerich and Rich
Kertzman
- New York: Bill Dessoffy, Scott Aleali, Jeff Bruce, Garrett
Sokoloff, Scott van der Marck and Ruth Aronowitz
- Palm Beach: James Meany, Bill Benjamin, Patti Travis and Jonna
Brown (Senior Trust Officer)
- San Francisco: Roberto Rivera, Mike Franks, Sam Heshmati, Elise
Wen, Kimberley Hutchinson and Chad Rego
About Citizens Financial Group, Inc. Citizens Financial
Group, Inc. is one of the nation’s oldest and largest financial
institutions, with $225.3 billion in assets as of September 30,
2023. Headquartered in Providence, Rhode Island, Citizens offers a
broad range of retail and commercial banking products and services
to individuals, small businesses, middle-market companies, large
corporations and institutions. Citizens helps its customers reach
their potential by listening to them and by understanding their
needs to offer tailored advice, ideas and solutions. In Consumer
Banking, Citizens provides an integrated experience that includes
mobile and online banking, a full-service customer contact center
and the convenience of approximately 3,400 ATMs and approximately
1,100 branches in 14 states and the District of Columbia. Consumer
Banking products and services include a full range of banking,
lending, savings, wealth management and small business offerings.
In Commercial Banking, Citizens offers a broad complement of
financial products and solutions, including lending and leasing,
deposit and treasury management services, foreign exchange,
interest rate and commodity risk management solutions, as well as
loan syndication, corporate finance, merger and acquisition, and
debt and equity capital markets capabilities. More information is
available at www.citizensbank.com or visit us on Twitter, LinkedIn
or Facebook.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Any statement that does not describe historical or current facts is
a forward-looking statement. These statements often include the
words “believes,” “expects,” “anticipates,” “estimates,” “intends,”
“plans,” “goals,” “targets,” “initiatives,” “potentially,”
“probably,” “projects,” “outlook,” “hopeful,” “guidance” or similar
expressions or future or conditional verbs such as “may,” “will,”
“should,” “would,” and “could.” Forward-looking statements are
based upon the current beliefs and expectations of management, and
on information currently available to management. Our statements
speak as of the date hereof, and we do not assume any obligation to
update these statements or to update the reasons why actual results
could differ from those contained in such statements in light of
new information or future events. We caution you, therefore,
against relying on any of these forward-looking statements. They
are neither statements of historical fact nor guarantees or
assurances of future performance. More information about factors
that could cause actual results to differ materially from those
described in the forward-looking statements can be found under
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2022, as filed with the United States Securities and
Exchange Commission.
Banking products are offered through Citizens Bank, N.A.
(“CBNA”). For deposit products, Member FDIC.
Citizens Private Bank™ is comprised of banking, insurance,
brokerage, trust (fiduciary), and investment advisory services
provided by CBNA and its affiliates: Citizens Securities, Inc.
(“CSI”), an SEC registered investment adviser and member of FINRA
and SIPC; Clarfeld Financial Advisors, LLC (“CFA”), an SEC
registered investment adviser; and Estate Preservation Services,
LLC (“EPS”). Investment advisory services are offered through CFA.
Insurance products are offered through EPS, a wholly owned
subsidiary of CFA or an unrelated party.
Securities, insurance products and investment advisory services
offered through CSI, or by unaffiliated members of FINRA and SIPC
that provide brokerage and custody services to clients of CFA (see
Form ADV for details). One Citizens Bank Way, JCB135, Johnston, RI
02919. Please be aware that the securities products offered are
different from those offered by a bank and are subject to
investment risk, including possible loss of principal amount
invested. Securities, Insurance Products and Investment Advisory
Services are NOT FDIC INSURED, NOT BANK GUARANTEED, MAY LOSE VALUE,
NOT A DEPOST, AND NOT INSURED BY ANY FEDERAL GOVERNMENT
AGENCY.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019772012/en/
Eleni Garbis eleni.garbis@citizensbank.com 781-471-2233
Citizens Financial (NYSE:CFG)
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