“I am excited about leading the build-out of our combined private wealth platform,” Clarfeld said.
John Bahnken, president and chief executive officer of Citizens Bank Wealth Management, praised Clarfeld, his strong leadership and highly skilled team of wealth management professionals.
Bahnken said the acquisition provided a unique opportunity to accelerate Citizens’ strategy of building a highly competitive wealth management business that is well-positioned to offer a comprehensive range of services to existing and future clients.
“We have a significant opportunity to serve the most complex needs of our clients while we continue to focus on expanding our business,” Bahnken said.
Citizens offers a full complement of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. It operates branches in Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.
Between 1988 and its 2014 initial public offering, Citizens was a wholly owned subsidiary of the Royal Bank of Scotland Group (RBS). RBS sold its last 20.9 percent stake in the company in October 2015.
Citizens has ranked within the top 25 on several lists of the largest banks in the United States, according to the size of its assets.
Silver Lane Advisors, a New York City-based premier investment bank specializing in the financial services industry, was the exclusive financial advisor to Providence, R.I.-based Citizens in its acquisition of Clarfeld.
The transaction is expected to close late this year or early next year, subject to customary closing terms and conditions and regulatory approval.