Citizens Financial Group in Providence, R.I., has named a new chief risk officer.

Malcolm Griggs' appointment will take effect April 1, the $138 billion-asset company said Wednesday. Griggs will report to Chairman and CEO Bruce Van Saun.

Griggs has been Citizens' chief credit officer since December 2014. Previously he was head of business risk and controls for Citigroup's U.S. commercial and consumer banking businesses.

Griggs will succeed Nancy Shanik, who had been Citizens' chief risk officer since 2010. She will retire on May 31, after assisting with Griggs' transition and with Citizens' stress-test submission to the Federal Reserve.

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