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Citizens Financial Group appoints Nancy Shanik Chief Risk Officer

Providence, R.I. (November 16, 2010) - Citizens Financial Group, Inc. (Citizens) today announced the appointment of Nancy Shanik as Chief Risk Officer.

Based in Providence, Shanik oversees the risk management organization within Citizens including strategy and day-to-day operations. She is a member of Citizens’ Executive Committee, the RBS Americas Risk Committee and the RBS Group Risk Board.

“Nancy’s broad-based experience in financial services and her leadership will enhance Citizens’ risk-management capabilities,” said Ellen Alemany, chairman and CEO of Citizens and RBS Americas. “Nancy’s experience in small middle market and real estate will help us expand commercial banking in our footprint.”
Shanik joins Citizens from Alvarez & Marsal in New York where she was a managing director. Before joining Alvarez and Marsal, Shanik spent three decades at Citigroup in roles of increasing responsibility.

She began her career as a corporate finance professional and has a broad-based product and restructuring background. She has more than 25 years of corporate debt restructuring experience, including the position of senior business manager for Citigroup’s top tier global workout and restructuring business from 1996 to 2004.  

From 2004 to 2008, Shanik served as chief credit officer for Citigroup’s Global Commercial Markets business. In this role, she created and managed a global risk organization supporting Citigroup’s small-middle market lending business, including equipment finance/leasing and commercial real estate.

Shanik has a bachelor’s degree from the University of Vermont and a master’s degree in business administration from Tulane University’s Graduate School of Business. She also is a graduate of Stanford Executive Program at the Stanford Graduate School of Business.

She serves as member of the board of directors of The Kleinfelder Group, Inc. and Kakona Insurance Companies. She is member of the senior women leaders advisory board of VisionSpring, a social enterprise that empowers women to launch their own businesses by selling affordable eyeglasses throughout developing countries.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is a $136 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,500 branches, approximately 3,800 ATMs and approximately 22,600 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. CFG is owned by RBS (The Royal Bank of Scotland Group plc).