Citizens Financial Group is a regional bank holding company providing retail and commercial banking services primarily across the northeastern and Midwest United States, including checking and savings accounts, commercial lending and wealth management. As a regional bank, its profitability depends largely on net interest margin, the spread between interest earned on loans and interest paid on deposits, making it sensitive to Federal Reserve interest rate policy and the broader interest rate environment. The bank was spun off from Royal Bank of Scotland through an IPO, becoming an independently operated public company after previously being a subsidiary of the larger British banking group. Citizens' loan portfolio spans commercial and industrial lending, consumer banking and mortgage lending, giving it exposure to regional economic conditions across the communities it serves in its northeastern and Midwest footprint.