Citizens Redefines Private Banking Sector With Launch of Citizens Private Bank

Six New Private Banking Offices to Open Across the Country

PROVIDENCE, R.I.--(BUSINESS WIRE)--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.