03/31/2015
Citizens Financial Group Acquires Reserve-Based Loan Portfolio from The Royal Bank of Scotland, Launches Houston-Based Oil and Gas Industry Finance Team
Oil and Gas Finance group joins other industry-specific banking teams as Citizens Commercial Banking’s MidCorporate division expands nationally, focusing on high-growth industries
PROVIDENCE, RI – Citizens Financial Group today announced the purchase of a $400 million portfolio of reserve-based loans from The Royal Bank of Scotland, resulting in new customer relationships for Citizens in the upstream sector of the oil and gas industry. Additionally, Citizens announced the hiring from RBS of an oil and gas banking team based in Houston.
The purchase gives Citizens Commercial Banking a solid presence in the Houston market and in the upstream oil and gas sector nationwide. Citizens will combine the portfolio with its existing energy business to form a new national Oil and Gas Finance team serving the full spectrum of the oil and gas industry.
“We are excited about this opportunity to create a new national energy banking group and service the financing needs of this critical industry,” said Steve Woods, Head of Middle Market and MidCorporate Banking. “This is a terrific opportunity for us to extend our offerings to more companies in a way that is consistent with our strategy of serving high-growth industries with teams of bankers who are experts in those industries. As we grow this business we will bring to it the commitment to delivering good ideas and great service that is at the core of our approach to banking.”
Last year, Citizens expanded specialist teams focused on other high-growth industries including healthcare, technology and franchise finance as part of the national expansion of its MidCorporate business.
Citizens Commercial Banking is ranked eighth overall middle market bookrunner by number of deals and sixth for sponsored deals, according to the Thompson Reuters league tables. For more information, visit the Citizens Commercial Banking site.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. (NYSE: CFG) is one of the nation’s oldest and largest financial institutions, with $132.9 billion in assets as of December 31, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. Citizens Commercial Banking offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
