Citizens targets gap between consumer, commercial banking
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Tapping its private-bank focus areas, the lender has hired business bankers in New York, Florida and California markets, targeting clients with $5 million to $50 million in revenue. Eager to get the "massive flywheel" spinning faster, Citizens is stepping up efforts to serve clients across business, private banking and wealth in a unified way. Mark Valentino, president of business banking at Citizens, said the division has made recent product, technology and geographic investments that are aimed at accelerating growth – and, in many cases, build off of other units of the bank. The $233.8 billion-asset lender's business banking division serves customers from startup to $50 million in annual revenue, Valentino said. As customers grow, that unit makes connections to Citizens' commercial banking division, which can serve clients' capital markets needs, for example. Citizens executives see particular growth potential with the lower middle market to upper business banking segment. "We don't see a lot of the industry focusing on that customer base, or at least not doing it well," Valentino said in a recent interview. To capitalize on that, the Providence, Rhode Island-based lender has added bankers in New York City, to serve metro New York and New Jersey, and in south Florida, where Citizens has a small branch network, Valentino said. The bank has circled northern and southern...
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