Citizens Launches Private Banking Unit
Citizens Financial Group, Inc. launched a private banking unit, Citizens Private Bank, aimed to serve 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.
With the assistance of 150 newly hired employees, including 50 senior bankers from First Republic Bank, the new unit has amassed approximately $500 million in deposits and investments.
Citizens said it will open six private banking offices later this year and throughout next year in Palm Beach, Florida; New York City, Boston and the San Francisco Bay Area, including downtown San Francisco, Silicon Valley and Marin County, California.
The group, led by Susan DeTray, a former executive at First Republic Bank, anticipates the entity will break even by the second half of the following year after incurring $35 million in startup costs. It is projected to increase earnings by $0.05 per share by 2025.
“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.