M&A Deal Summary

Citizens Financial Group Acquires People s Bank Credit Card Operations

On March 5, 2004, Citizens Financial Group acquired financial services company People s Bank Credit Card Operations from People s United Bank for 2.4B USD

Acquisition Highlights
  • This is Citizens Financial Group’s 26th transaction in the Financial Services sector.
  • This is Citizens Financial Group’s 3rd largest (disclosed) transaction.
  • This is Citizens Financial Group’s 27th transaction in the United States.

M&A Deal Summary
Date 2004-03-05
Target People s Bank Credit Card Operations
Sector Financial Services
Buyer(s) Citizens Financial Group
Sellers(s) People s United Bank
Deal Type Divestiture
Deal Value 2.4B USD

Target

People s Bank Credit Card Operations

United States
People's Bank credit card operations provides various credit card products and services for individuals.

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Buyer(S) 1

Buyer

Citizens Financial Group

Providence, Rhode Island, United States
Category Company
Founded 1828
Sector Financial Services
Employees17,800
DESCRIPTION

Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide banking products and services.

DEAL STATS #
Overall 27 of 35
Sector (Financial Services) 26 of 30
Type (Divestiture) 4 of 4
Country (United States) 27 of 35
Year (2004) 2 of 3
Size (of disclosed) 3 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-05 Thistle Group Holdings

Philadelphia, Pennsylvania, United States

Thistle Group Holdings, Co. operates as the holding company for the Roxborough Manayunk Bank, provides lending and investment activities.

Buy $147M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-31 Charter One Financial

Cleveland,, Ohio, United States

Charter One Financial, Inc. operated as the holding company for Charter One Bank, N.A., which offered a range of deposit products, consumer loans, business lending, and commercial real estate loans.

Buy $10.5B

Seller(S) 1

SELLER

People s United Bank

Bridgeport, Connecticut, United States
Category Company
Founded 1842
Sector Financial Services
Employees6,110
Revenue 1.8B USD (2019)
DESCRIPTION

People's United Bank is a diversified financial services company with $33 billion in assets. People’s United Bank is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine. People's United Bank was founded in 1842 and is based in Bridgeport, Connecticut.

DEAL STATS #
Overall 1 of 2
Sector (Financial Services) 1 of 2
Type (Divestiture) 1 of 2
Country (United States) 1 of 2
Year (2004) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-02-24 Norwich Financial

Norwich, Connecticut, United States

Norwich Financial Corp., a financial service company.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-02 Chittenden

Burlington, Vermont, United States

Chittenden Corp., provides various financial services.

Buy $1.9B
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