Citizens Financial Group, Inc. last week announced it was developing a new division, Citizens e-Business, aimed at capturing Internet opportunities. Hal R. Tovin, chief marketing officer and director of convenience banking, was named president and chief executive officer of Citizens e-Business. Company officials said Citizens e-Business will explore various options including enhancing Citizens’ Web offerings, forming marketing alliances with e-commerce companies, engaging in joint ventures and merger opportunities with e-commerce companies, and analyzing opportunities for equity and venture capital investments in .com businesses.
Tovin will concentrate solely on the new effort, said Citizens’ chairman Lawrence K Fish. His previous responsibility for the Corporate Marketing Group, which includes the existing Citizens Bank OnLine division, is being assumed by Mark J. Formica, vice chairman for Citizens Financial Group, Inc. and Chairman of Citizens Bank of Rhode Island and Connecticut.
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