Holland & Knight Advises Citizens Financial Group on Green Deposits Program
PHILADELPHIA (August 24, 2021) – Holland & Knight has advised Citizens Financial Group, Inc., one of the nation’s oldest and largest financial institutions, on the development of a Green Deposits program. The cutting-edge program allows corporate clients to direct their cash reserves toward companies and projects that are expected to create a positive environmental impact. It was officially launched on July 21.
Citizens developed its Green Deposits Framework to identify eligible activities within the bank’s portfolio and ensure alignment with best practices and standards. The framework was created in line with eligibility criteria developed with the support of Sustainalytics, a Morningstar company, and leading provider of environmental, social and governance (ESG) research and data.
Holland & Knight Partners Lara M. Rios and Travis Nelson provided regulatory and commercial legal advice in connection with the program. They also provided guidance to ensure the program was consistent with market standards and best practices. Ms. Rios and Mr. Nelson are members of Holland & Knight's Green and Sustainable Finance Team.
Headquartered in Providence, R.I., Citizens has approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.