Editing Citizens Financial Group (section)

== RBS ownership ==
In 1988, [[Royal Bank of Scotland Group]] acquired Citizens.<ref name=history/> Under RBS ownership, Citizens acquired several smaller banks in [[New England]] to become the second largest bank in the region. In 1996, in conjunction with the acquisition of [[First NH Bank]], the [[Bank of Ireland]] gained a 23.5% stake in Citizens, which RBS then acquired two years later to resume 100% ownership.

In 1999, Citizens acquired the United States Trust Company of Boston and the retail banking business of [[State Street Corporation]], significantly increasing its footprint in [[Massachusetts]].<ref>{{cite news|url=https://www.nytimes.com/1999/05/07/business/company-news-citizens-is-buying-state-street-s-retail-bank-business.html|title=Company News; Citizens Is Buying State Street's Retail Bank Business|agency=Reuters|date=May 7, 1999|work=The New York Times|access-date=December 11, 2019|issn=0362-4331}}</ref>

Expansion outside New England began in 2001, when RBS purchased the [[retail banking]] division of [[Mellon Financial Corporation]] in Pennsylvania, New Jersey and Delaware for $2 billion. At one stroke, Citizens Bank became the second-largest bank in Pennsylvania, and a major bank in both [[Philadelphia]] and [[Pittsburgh]].<ref>{{cite news| url=http://www.bizjournals.com/philadelphia/stories/2001/12/03/story1.html| title=Newcomer Citizens Bank promises return to PSFS roots| first=Andy| last=Gotlieb| newspaper=[[American City Business Journals|Philadelphia Business Journal]]| date=December 3, 2001|url-access=subscription }}</ref>
 
In July 2003, the bank purchased the naming rights to the new home field of the [[Philadelphia Phillies]], which was named [[Citizens Bank Park]].<ref>{{cite news| url=http://www.bizjournals.com/philadelphia/blog/jeff-blumenthal/2014/04/citizens-bank-enters-second-decade-as-phillies.html| title=Citizens Bank enters second decade as Phillies ball park name sponsor| first=Jeff| last=Blumenthal| newspaper=Philadelphia Business Journal| date=April 9, 2014}}</ref>

On January 17, 2003, Citizens Financial Group purchased Commonwealth Bancorp, the holding company for Commonwealth Bank, based in [[Norristown, Pennsylvania]].<ref>{{cite press release| url=http://www.prnewswire.com/news-releases/citizens-bank-completes-acquisition-of-commonwealth-bancorp-inc-growth-and-momentum-continue-73901982.html| title=Citizens Bank Completes Acquisition of Commonwealth Bancorp, Inc.; Growth and Momentum Continue| publisher=Citizens Bank| via=[[PRNewswire]]| date=January 17, 2003}}</ref>

In 2004, RBS purchased the credit card division of Connecticut-based People's Bank.<ref>{{cite news| url=http://www.nhregister.com/article/NH/20040204/NEWS/302049953| title=People's sells credit card division| first=Steve| last=Higgins| newspaper=[[New Haven Register]]| date=February 4, 2004}}</ref><ref>{{cite news| url=https://www.thetimes.com/business-money/companies/article/rbs-buys-us-credit-card-business-wlxs7dqvp6h| title=RBS buys US credit card business| newspaper=[[The Times]]| location=[[London]]| date=February 3, 2004|url-access=subscription }}</ref> This purchase allowed Citizens to issue and market its own credit cards.

In October 2015, RBS sold its remaining stake in Citizens Financial Group, having progressively reduced its stake through an [[initial public offering]] (IPO) started in 2014.<ref>{{cite news |title=RBS profits rise on Citizens sale |url=https://www.bbc.co.uk/news/business-34674586 |access-date=October 30, 2015 |work=BBC News |date=October 30, 2015}}</ref>