PROVIDENCE – Citizens Financial Group Inc.’s buying spree continues.
The parent company for Rhode Island-based Citizens Bank on Thursday announced an agreement to acquire certain assets and liabilities for New Hampshire-based investment firm Paladin Advisors.
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The deal is intended to strengthen Citizen’s area presence and wealth management division, Clarfeld | Citizens Private Wealth.
“This acquisition will strengthen our wealth management business, as we gain additional reach and Paladin’s fresh asset allocation investment strategy, which complements our established approach,” Chris Weyrauch, head of Citizens Wealth Management, said in a statement.
Citizens has been steadily growing its wealth management and advisory services with acquisitions including the 2019 purchase of Clarfeld Financial Advisors and a 2021 deal to buy $capital markets firm JMP Group. Also in 2021, the company closed deals to expand its banking presence across the New York metro region, buying up East Coast branches of HSBC U.S. Bank N.A. and Investors Bancorp.
The latest deal is expected to close in the third quarter of 2021. Terms of the transaction were not disclosed.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
