Citizens Financial Group, Inc. (NYSE:CFG) was founded in 1828, formerly known as RBS Citizens Financial Group, Inc., from the Royal Bank of Scotland (RBS) on September 24, 2014 Spin-off, sell 140 million shares or 25% of the equity at a price of US$21.5 per share, and raise US$3 billion. Headquartered in Providence, Rhode Island, with 17,625 full-time employees, it is a comprehensive retail and commercial bank. Bank holding company for goods and services.
Citizens Financial Group (CFG):
Citizens Financial Group provides a full range of retail and commercial banking products and services to meet the needs of customers and potential customers in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio States, Pennsylvania, Rhode Island and Vermont are the 13th largest banks in the United States.
As of December 31, 2015, Citizens Financial Group had 1,200 branches and more than 3,200 ATMs across 11 states, and 90 non-branches for retail and commerce. In addition, it also provides online banking, telephone banking and Mobile banking services.
Historical evolution of Citizens Financial Group (CFG):
- In 1828, High Street Bank was established in Providence, Rhode Island as the predecessor of Citizens Financial Group;
- In 1871, Citizens Savings Bank was established as a subsidiary of High Street Bank. Later, Citizens Savings Bank acquired its parent company and established Citizens Trust Company;
- In 1954, Citizens Trust Company acquired The Greenville Trust Company, after which Citizens Financial Group was established as a holding company;
- In 1985, Citizens was reorganized from a mutual savings bank into a federal stock savings bank;
- In 1988, Royal Bank of Scotland (RBS) acquired Citizens as a stepping stone to enter the US market;
- In 1996, Citizens acquired First NH Bank, and Bank of Ireland (founded in 1783) thus acquired 23.5% of Citizens Bank. Two years later, in 1998, RBS acquired Bank of Ireland’s holdings in Citizens. , Citizens became a wholly-owned subsidiary of RBS;
- In 2001, RBS acquired Mellon Financial Corporation ‘s retail banking operations in Pennsylvania, New Jersey and Delaware, making Citizens the second largest bank in Pennsylvania;
- On January 17, 2003, Citizens Financial Group, Inc. acquired Commonwealth Bancorp, Inc., the holding company of Commonwealth Bank;
- In 2004, RBS acquired the credit card division of People’s Bank in Connecticut, which allowed Citizens to issue their own credit cards;
- At the end of 2004, Citizens Financial acquired Cleveland Charter One Bank and its holding company Charter One Financial for US$10.5 billion. After the acquisition, Citizens Financial became the ninth largest bank in the United States, with US$128 billion in assets;
- On September 1, 2007, the personal banking business of Citizens Financial Group, in addition to Citizens Bank of Pennsylvania, merged into RBS Citizens, NA；
- In November 2008, Charter One sold its 65 Indian branches to Old National Bank, and the transaction was completed in June 2010;
- In 2013, Citizens Republic Bancorp was acquired by FirstMerit Bank;
- On January 7, 2014, Citizens sold 94 Chicago metropolitan branches to Bank of America ;
- On June 30, 2014, Citizens announced the replacement of Charter One banks in Michigan and Ohio with the Citizens brand, which was completed on April 27, 2015;
- On September 24, 2014, Royal Bank of Scotland (RBS) spun off its Citizens Financial Group and listed on the New York Stock Exchange. It plans to sell 140 million shares or 25% of the shares at a price of US$21.5 per share and raise US$3 billion. With a market value of 14 billion U.S. dollars, it is the 11th largest listed bank in the United States;
- In October 2015, RBS liquidated its final 20.9% stake in Citizens Financial Group.