Financial Group : Citizens Bank

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Citizens Financial Group Citizens Financial Group, which includes Citizens Bank, is one of the oldest Financial Services firms in the US. Citizens Bank began as High Street Bank in 1828. In 1871 High Street Bank became Citizens Bank and slowly grew until 1988 when it was acquired by The Royal Bank of Scotland, one of the largest and most respected banks in the world. The Royal Bank of Scotland purchased Citizens Bank, as its US division to gain access to the lucrative US markets. Over the next 20 years Citizen’s grew through over 25 bank acquisitions (Fraser, 191). In September of 2014 The Royal Bank of Scotland issued one of the largest bank IPO’s in US history, selling a 25% stake in the company and Citizens Bank officially became…show more content…
Consumer Banking is the side that most people are familiar with and serves retail customers and small businesses with annual revenues of up to $25 million, through its network of branches. Consumer banking products and services include deposit products, mortgage and home equity lending, student loans, auto financing, credit cards, business loans, wealth management and investment services. Commercial banking primarily targets companies and institutions with annual revenues of $25 million to $2.5 billion. Commercial banking offers financial products and solutions including lending and leasing, trade financing, deposits and treasury management, foreign exchange and interest rate risk management and corporate finance. If you break the Consumer Banking products down into categories you will have deposit products such as Checking, savings, CD’s, and investment accounts. You will also have lending products for homes, auto’s, business and signature loans including credit cards. With a basic checking or savings the funds are 100% liquid and will appeal to someone that is living paycheck to paycheck. As an individual’s wealth grows he will require higher returns and may require less liquidity, Citizens has both CD’s and money markets. These product will pay a higher interest rate but will require that you guarantee to leave the money on deposit for a specified period of time. The bank is able to keep lower reserves on these funds as
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