Citizens Financial Group
Citizens Financial Group Inc. (Citizens, CFG) is a leading commercial bank holding company in the New England, Mid-Atlantic, and Midwest regions. Citizens is 100% owned by Royal Bank of Scotland, UK. With $132 billion in assets (6/2011), Citizens is the holding company for RBS Citizens N.A., one of the largest regional banks in the US. Citizens Financial is headquartered in Providence, and through its subsidiaries has over 1,500 branches, about 3,900 ATMs and more than 20,900 employees. It operates its branch network in 12 states and has non-branch retail and commercial offices in about 40 states. It is the nation's 12th-largest bank by asset size and a predominant bank in the New England region.
Citizens was acquired by The Royal Bank of Scotland (RBS) in 1988 and served as its parent's main growth engine in the U.S. In fact, Citizens has made 30 bank and business acquisitions, large and small, since 1988. Total assets nearly doubled since year-end 2003. Its largest and most transforming acquisition was the 2004 acquisition of Cleveland-based Charter One Bank N.A., which added $41 billion in assets. This purchase dramatically expanded Citizens' footprint from the New England and Mid-Atlantic regions to the Midwest, including Michigan and Ohio. However, Citizens' strongest deposit market shares continue to be in the New England states and Pennsylvania.
Subsidiaries and Divisions:
Long-term credit ratings (as of July 31, 2011)