Citizens boosts its coast-to-coast presence with its private-banking unit after nationwide Citizens Access digital-bank effort
While Citizens Financial Group operates 1,110 branches in 14 states, mostly in the eastern half of the U.S., it has now launched a private-banking unit with a coast-to-coast reach.
Citizens expects to break even on the unit in the second half of next year, and the business is expected to add 5 cents a share in earnings in 2025. Citizens also disclosed an investment of $35 million in startup costs for the private bank. In one recent deal, McCree said, some of the private owners of a company wanted to sell out and others didn’t. Citizens crafted a deal to sell a stake in the company to a private-equity firm to allow some owners to exit, while others rolled over an equity stake into the company under the new private-equity owner.
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