Citizens Financial Group has purchased a $400 million portfolio of reserve-based loans from The Royal Bank of Scotland. Additionally, Citizens has hired a Houston-based oil and gas banking team from RBS.
Citizens will combine the acquired portfolio with its existing energy business to form a new national oil and gas finance team that will serve 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.”
Citizens Financial Group Inc. 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.