Citizens Financial Group last week announced a plan to repurchase $125 million in subordinated debt.
In a transaction slated to close today, the holding company for Citizens Bank will repurchase $125 million worth of its 4.023 percent subordinated notes due 2024.
“This transaction is part of a multiyear strategy designed to enhance the efficiency of our balance sheet and capital structure,” CFO Eric Aboaf said in a statement. “We believe this repurchase provides Citizens attractive financial benefits, moves our Tier 2 capital levels closer to peers and leaves us plenty of flexibility for our 2016 CCAR submission.”



