Posted on Tue, Nov. 3, 2009
PROVIDENCE, R.I. - The head of Rhode Island-based Citizens Financial Group says it won't be sold by its parent company, the Royal Bank of Scotland, as a condition of the British government pouring billions of dollars into the firm.
Chief Executive Officer Ellen Alemany says RBS's announcement Tuesday that Citizens is not among the assets it will sell affirms that the banking firm in Providence is "a valued part of the RBS Group."
Citizens Financial operates nearly 1,500 branches, as Citizens Bank in the Northeast and as Charter One in the Midwest. It has about 23,000 employees. In the eight-county Philadelphia region, Citizens Bankof Pennsylvania has 175 branches and an 11.6 percent market share based on deposits, as of June (the latest figures available).
RBS says it's selling other assets, including branch networks in Great Britain as part of a deal in which the British government gives it 25.5 billion pounds, about $41.8 billion, on top of an earlier bailout.
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