Citizens Financial Group Further Expands M&A Advisory Team with Bowstring Advisors Acquisition

Transaction strengthens coverage with additional sector expertise to
serve growing client need

PROVIDENCE, R.I.–(BUSINESS WIRE)–Citizens Financial Group, Inc. (“Citizens”) [NYSE: CFG] today announced
a definitive agreement to purchase certain assets of Bowstring Advisors
(“Bowstring,” formerly CHILDS Advisory Partners), an Atlanta-based
merger and acquisition advisory firm that delivers a range of financial
services to commercial and industrial clients nationwide. This
transaction, which follows several other recent additions of key
industry talent, products and solutions, further strengthens Citizens’
advisory capabilities.

“Clients view Citizens as a trusted partner committed to delivering
complete solution sets, quality execution and excellent service
throughout their business life cycle,” said Donald McCree, vice chairman
and head of Commercial Banking. “We continue to move decisively to
broaden our capabilities. The addition of the highly regarded Bowstring
team more than doubles our M&A advisory business with deep knowledge in
key industry sectors such as healthcare, technology and business
services, while strengthening our coverage nationally and further
enhancing our ability to deliver for our clients.”

“We share Citizens’ ambition to build robust advisory capabilities, as
well as their commitment to exceptional client solutions. We look
forward to delivering Citizens’ broad set of capital markets
capabilities to our growing client base,” said Bowstring CEO Jim Childs,
who founded the firm in 2009.

Bowstring will become part of Citizens Capital Markets, Inc.,
complementing Western Reserve Partners, which significantly increased
the bank’s M&A capabilities when it was acquired in 2017. The addition
of the Bowstring team will further accelerate the build out of Citizens’
M&A and financial advisory capabilities. Citizens’ recently released
eighth annual Middle
Market M&A Outlook
noted a strong appetite among mid-sized
companies for growth through M&A. This transaction further strengthens
Citizens’ growing presence in the Southeast and nationally.

The transaction, which is expected to close in the first half of 2019,
subject to Bowstring receiving FINRA approval, will be funded with cash.
Under the terms of the agreement, Citizens’ wholly-owned subsidiary,
Citizens Capital Markets, Inc. (“CCMI”), will purchase certain assets of
Bowstring and upon closing, Bowstring will operate as a division of
CCMI. Terms of the transaction were not disclosed.

Debevoise & Plimpton LLP acted as legal advisor to Citizens. Morris
Manning & Martin, LLP acted as legal advisor to Bowstring on the

For more information about Citizens, visit the Citizens
Commercial Banking

For more information about Bowstring, visit the Bowstring

About Citizens Financial Group, Inc.
Financial Group, Inc. is one of the nation’s oldest and largest
financial institutions, with $160.5 billion in assets as of December 31,
2018. Headquartered in Providence, Rhode Island, Citizens offers a broad
range of retail and commercial banking products and services to
individuals, small businesses, middle-market companies, large
corporations and institutions. Citizens helps its customers reach their
potential by listening to them and by understanding their needs in order
to offer tailored advice, ideas and solutions. In Consumer Banking,
Citizens provides an integrated experience that includes mobile and
online banking, a 24/7 customer contact center and the convenience of
approximately 2,900 ATMs and approximately 1,100 branches in 11 states
in the New England, Mid-Atlantic and Midwest regions. Consumer Banking
products and services include a full range of banking, lending, savings,
wealth management and small business offerings. In Commercial Banking,
Citizens offers corporate, institutional and not-for-profit clients a
full range of wholesale banking products and services, including lending
and deposits, capital markets, treasury services, foreign exchange and
interest rate products, and asset finance. More information is available
at or
visit us on TwitterLinkedIn or Facebook.

Forward-looking statements
Harbor” Statement under the Private Securities Litigation Reform Act of
1995: This communication contains “forward-looking statements” — that
is, statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance and financial condition, and often contain
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“seek,” “see,” “will,” “would,” or “target.” Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain. Uncertainties that could cause our actual results to be
materially different than those expressed in our forward-looking
statements include the failure to consummate this transaction or to make
or take any filing or other action required to consummate any such
transaction on a timely matter or at all. These or other uncertainties
may cause our actual future results to be materially different from
those expressed in our forward-looking statements.


Media: Peter Lucht — 781.655.2289

Investors: Ellen A. Taylor — 203.900.6854

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