PROVIDENCE – Citizens Financial Group Inc. has launched a subsidiary in Delaware that the company says will offer clients trust and fiduciary services under the trust laws of that state, which can present income and estate tax advantages, more privacy and “asset preservation.”
The creation of the Citizens Trust Co. of Delaware is the latest move by Citizens Financial to expand its offerings in wealth management and private banking.
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Citizens said the new subsidiary will be managed by Jennifer Cuva, who will serve as regional trust director at the Newark, Del., office. The bank said it will offer services to meet the needs of ultra-high-net-worth individuals and families with customizable dynasty trusts, directed trusts and asset protection trusts.
“Whether preserving family assets, managing philanthropic goals or navigating complex business transitions, Citizens Trust Co. of Delaware will provide flexibility, protection and personalized solutions to safeguard and grow wealth for future generations,” said Paul Casey, head of wealth at Citizens. “Jennifer’s deep expertise and dedication to delivering innovative estate and trust solutions furthers our commitment to helping clients achieve their financial goals with enhanced sophistication and tailored service, fueled by an array of differentiated offerings.”
Citizens said Cuva has nearly two decades of trust and estate planning experience. She previously served as director of personal trust at Charles Schwab Trust Co., where she led trust administration for Schwab’s two state-chartered trust companies, including Charles Schwab Trust Co. of Delaware.
Joining Cuva will be Dominique DuMochel, who will serve as the business development director, expanding her role as a senior wealth adviser for Citizens Private Wealth. Cuva and DuMochel are expected to work with Citizens Wealth and Private Bank to help manage and grow client wealth, including trust services.
They will also represent Citizens Private Wealth and Delaware Trust, working with key people across the country to develop trust solutions.
