Citizens Financial buying investment bank JMP Group – MarketWatch
Citizens Financial Group Inc. CFG, +0.45% said Wednesday it agreed to acquire JMP Group LLC JMP, +2.88% for $7.50 a share, or $149 million in cash. Shares of JMP Group, which provides investment banking and related services, rose 3.6% to $7.55 in pre-market trades. Citizens chairman and CEO Bruce Van Saun said the deal will broaden the Providence, R.I.-based lender’s presence in commercial banking, as well as its business in San Francisco and New York, where JMP operates. Citizens vice chairman and head of commercial banking Donald McCree said JMP offers „a wealth of talented bankers“ and an institutional equities franchise. Shares of Citizens fell 0.3% to $42.77 in premarket trades.
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Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
