Citizens Financial Group Inc.'s declaration of independence from Royal Bank of Scotland PLC late last year did not have the global resonance of one made 240 years ago, but there is something enjoyable about telling a "royal" entity goodbye.
Thanks to the unmasking of its poor management brought about by the Great Recession, RBS was forced to spin off assets to pay back the British government's institution-saving investments. And Rhode Island is all the better for that turn of events.
In an extended interview with PBN, Citizens' Chairman and CEO Bruce Van Saun makes clear that the financial services giant – with $140 billion in assets – is re-establishing its Rhode Island roots.
With plans to build a new campus in Johnston, as well as expectations of deepening its footprint, Citizens is making a statement. The bank could have taken many of its employees and scattered them to other states.
Without settling into complacency, keeping Citizens in Rhode Island proves that the Ocean State can satisfy a large employer with extensive options. •