Bruce Van Saun, CEO of Citizens Financial, recently discussed the state of the commercial property market (CRE), pointing out that the difficulties experienced in the office sector are not representative of the property sector as a whole. He stressed that a fall in interest rates would be beneficial, as it could boost transactions. However, he was keen to reassure the audience that the regional banks, which are well capitalised and have sufficient reserves, are equipped to meet the current challenges while pursuing their growth strategies.

As far as monetary policy is concerned, Van Saun believes that high interest rates could continue, but assures us that the banks are prepared for this eventuality. He also reported on the bank's success in the private banking sector, thanks in particular to the arrival of new talent and expansion in key regions such as Boston, Florida, California, and especially New York. Here, Citizens Financial has strengthened its presence by acquiring branches of HSBC on the East Coast and Investors Bank in New Jersey.

In conclusion, although Citizens Financial is not actively seeking growth through mergers and acquisitions, Van Saun said the bank remains alert and ready to seize promising opportunities in the future.

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