Citizens Financial Group Announces Unified Brand Strategy
Charter One, the retail brand in Ohio and Michigan, will become Citizens Bank by mid-2015, creating a consistent Citizens Bank presence across 11-state retail footprint
Other brands also will be anchored in the Citizens name: RBS Citizens, the commercial banking brand, will become Citizens Commercial Banking; consumer lending businesses serving customers outside the retail footprint will go to market as Citizens One
PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Financial Group Inc. today announced a new unified brand strategy that will anchor all of its brands in the Citizens name as part of its broader plan for growth and enhanced performance.
“Our colleagues are energized by this opportunity to simplify our brands for our customers in a way that mirrors what we have done with our products and services”
As part of this strategy, Citizens will rebrand its more than 200 Charter One branches in Michigan and Ohio as Citizens Bank by mid-year 2015, creating a consistent Citizens Bank presence across the company’s 11-state retail footprint. The company already operates as Citizens Bank in the other nine states where it has branches and will continue to do so.
The Commercial Banking division will transition from RBS Citizens to Citizens Commercial Banking in the fourth quarter of this year. Consumer lending businesses serving customers outside the Citizens retail footprint will be branded Citizens One.
“The name Citizens has been a part of our heritage and culture as a company since 1871. We want to leverage this strong brand to provide a consistent, high-quality banking experience to all of our customers, wherever we do business,” said Bruce Van Saun, Citizens Financial Group Chairman and CEO. “We aspire for Citizens to become a top-performing regional bank, and this rebranding effort is part of our strategy to grow our business in the Midwest and beyond.”
The rebranding follows recent enhancements to Citizens’ consumer offerings through the company’s Bank Better initiative focused on making banking more simple, clear and personal.
“Our colleagues are energized by this opportunity to simplify our brands for our customers in a way that mirrors what we have done with our products and services,” said Citizens Chief Marketing Officer Arturo Perez. “Research that we conducted earlier this year showed that the Citizens name resonates very strongly not only in our current Citizens Bank footprint but also in the Midwest and beyond. We look forward to having one consistent Citizens platform for all of our offerings.”
Recent Bank Better enhancements have included:
- The $5 Overdraft Pass, which eliminates overdraft fees for transactions of $5 or less.
- One Deposit Checking, where one deposit per statement period – of any amount – waives the monthly maintenance fee.
- Upgraded ATMs that have extended the banking day, with deposits registering as late as 10 p.m. on business days.
- Online and mobile banking enhancements including mobile check deposit feature that uses mobile devices’ video functionality to quickly capture and deposit checks without blurry images or retakes.
- Education Loan Refinance, which can help empower consumers to consolidate and refinance their private student loans.
The company’s rebranding initiative is part of its overall effort to separate from its parent, RBS (The Royal Bank of Scotland plc) and establish Citizens as a standalone company. RBS has announced its intention to divest itself of its ownership of Citizens by the end of 2016 through a series of public offerings. The company also recently updated its corporate name, changing it from RBS Citizens Financial Group to Citizens Financial Group.
About Citizens Financial Group Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $126.9 billion in assets as of March 31, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.