The Clearing House is owned by the country’s largest commercial banks and settles nearly $2 trillion in U.S. dollar payments each day. It connects about 51 percent of the country’s demand deposit accounts and counts 16 mostly regional and national banks as its members.

Citizens Financial Group Inc. is preparing to further build out its capital market capabilities and reach.

The company announced yesterday that it would buy a portion of assets from Atlanta, Georgia-based Bowstring Advisors, a firm that delivers a range of financial services to commercial and industrial clients nationwide.

“Clients view Citizens as a trusted partner committed to delivering complete solution sets, quality execution and excellent service throughout their business life cycle,” Donald McCree, vice chairman and head of commercial banking at Citizens, said in a statement. “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.”

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.

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

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 also further strengthens Citizens’ growing presence in the Southeast and nationally. The transaction is expected to close in the first half of 2019, subject to Bowstring receiving FINRA approval, and will be funded with cash.

Under the terms of the agreement, Citizens’ wholly owned subsidiary, Citizens Capital Markets Inc., 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 transaction.