We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Citizens (CFG) Adds Private Banking Teams in Key Markets
Read MoreHide Full Article
Citizens Financial Group, Inc. (CFG - Free Report) has expanded its private banking business with the addition of approximately 50 new senior private bankers and related support staff in Boston, Florida, New York and San Francisco.
The new team will provide personal banking, retirement planning, commercial and business banking, investment management and financial planning, and other services to families, high-net-worth individuals, nonprofits and private family foundations through the bank’s Private Banking practice.
This underlines CFG’s focus on private banking growth strategy and aligns with efforts to accelerate its strategy to build out Wealth Management and scale Business Banking, increase deposits, and expand in targeted growth markets.
Particularly, the move expands Citizens Financial’s presence in key markets such as New York and Florida, bolsters a core market in Boston, and adds new capabilities on the West Coast, where the company has an existing Commercial Bank presence.
Brendan Coughlin, vice chairman and head of Consumer Banking at Citizens Financial, noted, “The addition of these talented and seasoned private bankers helps Citizens significantly boost our growth plans in Wealth Management and Business Banking.”
Citizens Financial first expanded its wealth management and private banking capabilities in 2019 with the buyout of Clarfeld Financial Advisors.
Moreover, in April 2022, the company completed the acquisition of Investors Bancorp for $3.39 billion, which strengthened its banking franchise and boosted its customer base. In February 2022, it closed the acquisition of 80 East Coast branches and the national online deposit business from HSBC.
The acquisitions of Investors Bancorp and the HSBC branches created a strong franchise in the greater New York City, Philadelphia Metro areas and New Jersey by adding 234 branches. Such expansion moves will enhance its consumer banking service capabilities, fee-generation capabilities and geographic reach.
In the past three months, shares of CFG have lost 7.6% compared with the industry’s decline of 1.6%.
Last week, BOK Financial Corporation’s (BOKF - Free Report) division, Bank of Texas, set foot in the San Antonio market. It will offer its full-service, relationship-focused financial services in the region. This marks BOKF’s foray into the markets outside Dallas, Fort Worth and Houston, and further expands its footprint in Texas.
Bank of Texas currently has 39 total locations. BOKF’s debut in San Antonio underlines its efforts to expand in the Texas region and benefit from the dynamic and fast-growing market.
Recently, Huntington Bancshares Incorporated (HBAN - Free Report) expanded its sponsor finance business within the Commercial Banking segment with the addition of a fund finance banking team.
The new team will provide strategically important financing directly at the fund level and help expand coverage across the sponsor ecosystem. This will provide sponsors with a broader range of financing options, thereby significantly boosting Huntington's commercial capabilities by leveraging on Huntington’s banking platform.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Citizens (CFG) Adds Private Banking Teams in Key Markets
Citizens Financial Group, Inc. (CFG - Free Report) has expanded its private banking business with the addition of approximately 50 new senior private bankers and related support staff in Boston, Florida, New York and San Francisco.
The new team will provide personal banking, retirement planning, commercial and business banking, investment management and financial planning, and other services to families, high-net-worth individuals, nonprofits and private family foundations through the bank’s Private Banking practice.
This underlines CFG’s focus on private banking growth strategy and aligns with efforts to accelerate its strategy to build out Wealth Management and scale Business Banking, increase deposits, and expand in targeted growth markets.
Particularly, the move expands Citizens Financial’s presence in key markets such as New York and Florida, bolsters a core market in Boston, and adds new capabilities on the West Coast, where the company has an existing Commercial Bank presence.
Brendan Coughlin, vice chairman and head of Consumer Banking at Citizens Financial, noted, “The addition of these talented and seasoned private bankers helps Citizens significantly boost our growth plans in Wealth Management and Business Banking.”
Citizens Financial first expanded its wealth management and private banking capabilities in 2019 with the buyout of Clarfeld Financial Advisors.
Moreover, in April 2022, the company completed the acquisition of Investors Bancorp for $3.39 billion, which strengthened its banking franchise and boosted its customer base. In February 2022, it closed the acquisition of 80 East Coast branches and the national online deposit business from HSBC.
The acquisitions of Investors Bancorp and the HSBC branches created a strong franchise in the greater New York City, Philadelphia Metro areas and New Jersey by adding 234 branches. Such expansion moves will enhance its consumer banking service capabilities, fee-generation capabilities and geographic reach.
In the past three months, shares of CFG have lost 7.6% compared with the industry’s decline of 1.6%.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expansion Moves by Other Banks
Last week, BOK Financial Corporation’s (BOKF - Free Report) division, Bank of Texas, set foot in the San Antonio market. It will offer its full-service, relationship-focused financial services in the region. This marks BOKF’s foray into the markets outside Dallas, Fort Worth and Houston, and further expands its footprint in Texas.
Bank of Texas currently has 39 total locations. BOKF’s debut in San Antonio underlines its efforts to expand in the Texas region and benefit from the dynamic and fast-growing market.
Recently, Huntington Bancshares Incorporated (HBAN - Free Report) expanded its sponsor finance business within the Commercial Banking segment with the addition of a fund finance banking team.
The new team will provide strategically important financing directly at the fund level and help expand coverage across the sponsor ecosystem. This will provide sponsors with a broader range of financing options, thereby significantly boosting Huntington's commercial capabilities by leveraging on Huntington’s banking platform.