Citizens Financial Group To Develop New Internet Initiative; Hal R. Tovin Named President & CEO of Citizens e-Business.Business/Technology Editors PROVIDENCE, R.I.--(BUSINESS WIRE)--Jan. 19, 2000 Citizens Financial Group, Inc. announced today it will be creating a new division, Citizens e-Business, aimed at capturing internet opportunities in the marketplace. Citizens Chairman Lawrence K. Fish announced the appointment of Hal R. Tovin, Chief Marketing Officer and Director of Convenience Banking, as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Citizens e-Business. "With all of the possibilities that exist today and those coming to the marketplace, it is imperative for Citizens to develop further our online banking services and look at other opportunities to expand our financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. business through electronic commerce, and specifically the Internet," said Fish. Citizens will make a significant investment in this strategic new initiative which it sees as having tremendous potential for growth beyond the organic growth of a $28 billion company. Citizens e-Business will explore various options including enhancing Citizens' web offerings, forming marketing alliances with e-commerce companies, engaging in joint ventures and merger opportunities with e-commerce companies, and analyzing opportunities for equity and venture capital investments in .com businesses. "I have asked Hal to spearhead this new initiative because he has demonstrated tremendous success in developing other new lines of business for Citizens including supermarket and electronic banking," said Fish. "This new division is a focused effort by Citizens to capture business opportunities we see in the marketplace. Hal will be dedicated solely to this effort." Mark J. Formica, Vice Chairman for Citizens Financial Group, Inc. and Chairman of Citizens Bank of Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and Connecticut, will assume Tovin's previous responsibility for the Corporate Marketing Group which includes the existing Citizens Bank OnLine division. Formica will continue to maintain company-wide responsibility for convenience banking, retail mortgage lending and Citizens Financial Services, Inc. Before joining Citizens in January 1995, Tovin ran Shawmut National Corporation's company-wide marketing effort for five years. At Shawmut, he built an aggressive marketing program that included new product introductions as well as high profile building strategies that culminated in naming rights Naming rights are the right to name a piece of property, either tangible property or an event, usually granted in exchange for financial considerations. Institutions like schools, places of worship and hospitals have a tradition of granting donors the right to name facilities in for the arena to replace the Boston Garden. In 1994, Institutional Investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. described Tovin as "one of the country's leading lights of bank marketing today." Prior to joining Shawmut, Tovin had nine years of increasing responsibility in packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one marketing and advertising. Citizens Financial Group, Inc. is a $28 billion financial services company headquartered in Providence, Rhode Island  “Providence” redirects here. For other uses, see Providence (disambiguation). Providence is the capital and the most populous city of the U.S. . It has more than 330 branches and 800 ATMs in Connecticut, Massachusetts, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Rhode Island. Citizens has the second largest bank holding company in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. and is one of the 35 largest banks in the United States. For more information, visit Citizens' website at www.citizensbank.com. |
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