Citizens Financial Group announced the national launch of Citizens Private Bank, a significant milestone in Citizens’ long-term strategy to accelerate growth in Wealth Management, improve capabilities in the high-net-worth segment and expand in key markets. Citizens Private Bank provides holistic, high-touch client service to 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.

Citizens is also opening six Private Banking Offices later this year and throughout 2024, with a focus on continued growth throughout the country. These initial offices will open in New York City, Boston and Palm Beach, in addition to locations throughout the San Francisco Bay Area (Downtown San Francisco, Silicon Valley and Marin County).

The new venture redefines the concept of private banking in a rapidly changing environment. As previously announced in June, Citizens hired approximately 150 highly experienced colleagues, including 50 relationship managers who understand their clients’ unique needs and provide a full range of products, services and advice, such as personal and commercial banking, financial and retirement planning and investment management. Since that time, more than 25 additional hires have been made across private banking, wealth management and related support roles.

“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. “We’ve continued to grow our talented team of relationship managers, wealth managers and support staff in a market that has been materially disrupted, which positions Citizens to be a preeminent Private Bank over time.”

“Working closely with colleagues across Citizens, the private banking team enhances our ability to serve as our clients’ trusted advisors,” said Donald H. McCree, Vice Chair and Head of Commercial Banking at Citizens. “We are confident we can quickly fill a void left in the private banking market, especially for clients in private equity, venture capital and multifamily offices who are looking for a strategic partner to help enable their unique financial journey.”

Citizens Private Bank will accelerate Citizens’ overall expansion in several key regions across the country, with teams located in the San Francisco Bay Area, Boston, New York and Palm Beach. Susan deTray serves as Head of Citizens Private Bank, leading the private banking operational and expansion strategy. The deeply experienced, client service-focused relationship manager leads in each office include:

• Boston: Doug Smith, John Packowski, David Emmerich and Rich Kertzman
• New York: Bill Dessoffy, Scott Aleali, Jeff Bruce, Garrett Sokoloff, Scott van der Marck and Ruth Aronowitz
• Palm Beach: James Meany, Bill Benjamin, Patti Travis and Jonna Brown (Senior Trust Officer)
• San Francisco: Roberto Rivera, Mike Franks, Sam Heshmati, Elise Wen, Kimberley Hutchinson and Chad Rego