Providence, R.I.-based Citizens Financial Group Inc. is a commercial bank holding company and subsidiary of the Royal Bank Of Scotland Group PLC. It is one of the largest foreign-owned banks in the U.S. Through its subsidiaries it offers commercial and consumer banking, lending and commercial real estate services.
Its Citizens Bank brand operates in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, while its Charter One brand is in Illinois, Michigan and Ohio. Overall, Citizens Financial about 1,480 bank branches.
The U.K. government took a large stake in parent RBS last fall after it received capital aid as part of the British government’s asset protection scheme. Despite its troubles, RBS has maintained it has no plans to sell off Citizens or its subsidiaries to raise capital.