Citizens Financial Group in Providence, R.I., plans to repurchase $125 million in subordinated notes to improve its efficiency and capital structure.
The $138 billion-asset company will repurchase 4.023% notes due 2024. The transaction is expected to close March 7.
The repurchase will move Citizens' Tier 2 capital levels "closer to peers," Eric Aboaf, chief financial officer, said in a Wednesday news release. The transaction will also give Citizens more flexibility for its upcoming Comprehensive Capital Analysis and Review.
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It is too early in the Providence, R.I., bank's turnaround plan to buy another bank, CEO Bruce Van Saun says. Instead, he would rather invest in acquiring commercial, mortgage and other loan officers who can feed revenue while he tries to make the bank more efficient.
January 22 -
WASHINGTON Large banks will simulate their ability to weather both deflation and a recession among the annual economic scenarios provided by the Federal Reserve Board on Thursday for the central banks 2016 stress tests.
January 28 -
The Royal Bank of Scotland Group has completed its divestment of Citizens Financial of Providence, R.I.
October 30
Citizens in November said it secured the ability to repurchase $500 million of subordinated notes, subject to regulatory approval as part of its CCAR stress test.
