Citizens Financial Group, the parent holding company of Citizens Bank, operates an extensive retail and commercial banking network across the Northeast and Midwest. While the institution maintains historic roots in the New England banking sector, it operated for many years as a regional subsidiary of the massive British financial conglomerate The Royal Bank of Scotland, commonly known as RBS. Following a strategic decision by the parent conglomerate to divest its American banking assets, Citizens Financial Group completed a massive initial public offering, becoming a standalone, publicly traded American institution and retaining the Citizens Bank brand identity that had been its public moniker for decades.