RBS Citizens has created a new lending division with the launch of the Technology and Services banking group. The new group will focus on both emerging growth and established technology companies that are active in software and systems; business services; hardware and equipment; and media & communications.
“We have a very strong portfolio of technology relationships in place that has grown significantly over the years as the major technology companies in our footprint have recognized our expertise in this area and turned to us for their banking needs,” said Steve Woods, Head of Corporate Banking at RBS Citizens. “We are pleased to be able to build on this regional success and to offer this expertise to technology companies nationwide.”
The Technology and Services group is led by technology banker and industry executive William Egge, who joined Citizens last year to develop and launch the technology and services group. Mr. Egge has over 17 years of experience in the technology and services industry as both a banker covering the industry while at Wachovia Securities and as an M&A and corporate finance professional for two private equity backed technology companies in the technology-enabled services sector. “William brings a unique technology industry background and perspective that we will leverage as we build the group into a national practice,” said Mr. Woods.
The national rollout of the Technology and Services group comes as Citizens expands its broader Mid-Corporate business nationally. This expansion includes the development of national banking groups focused on high-growth industries like technology, health care and franchise finance. As part of this expansion, Citizens has hired teams of commercial bankers across its traditional New England, Mid-Atlantic and Midwestern markets and also in the following markets: Atlanta; Washington, DC; Charlotte, NC; Dallas and Los Angeles.
“I’m excited about the opportunity to expand our already strong Technology and Services business,” said Mr. Egge. “Citizens has a lot to offer companies in the technology sector. We have a diverse portfolio of clients that include both technology companies and private equity groups and we are deeply engaged in the technology M&A market. We have a very strong team with a lot of industry expertise that is focused on helping our clients achieve their goals.”
Citizens Financial Group is one of the nation’s oldest and largest financial institutions, with $130 billion in assets as of June 30, 2014. Citizens offers a range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens is headquartered in Providence, RI (www.citizensbank.com).
2014 PEPD • Private Equity’s Leading News Magazine • 9-11-14