8-KOther Events

CITIZENS FINANCIAL GROUP INC/RI 8-K Report, Corporate Update (Jun 8, 2018)

Filed June 8, 2018For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) announced on June 8, 2018, an amendment to its trademark license agreement with The Royal Bank of Scotland Group plc (RBS). This amendment, effective June 4, 2018, significantly extends Citizens' right to use the RBS daisywheel trademark and associated designs through September 2034. This extension provides long-term brand consistency and continuity for Citizens, which originally entered into the license agreement in September 2014 in conjunction with its initial public offering.

Key Highlights

  • 1Citizens Financial Group (CFG) extended its trademark license agreement with RBS.
  • 2The agreement now allows the use of the RBS daisywheel trademark and designs until September 2034.
  • 3This represents a significant extension from the original agreement's term, which was set to expire in 2019 with an option to extend to 2024.
  • 4The amendment provides long-term brand certainty for Citizens Financial Group.
  • 5Specific termination clauses are included from May 16, 2021, allowing either party to terminate with advance notice, or Citizens to terminate if they cease using the trademarks.

Frequently Asked Questions

The main purpose of this filing is to announce an amendment to the trademark license agreement between Citizens Financial Group, Inc. and The Royal Bank of Scotland Group plc, extending the term of the license.

Citizens Financial Group entered into the original trademark license agreement in September 2014, in connection with its initial public offering.

Beginning May 16, 2021, either party can terminate the agreement with at least three years' advance written notice. Additionally, Citizens can terminate the agreement by providing prior written notice that they have ceased all use of the trademarks and designs under the license.

This extension provides Citizens Financial Group with long-term brand continuity and stability, ensuring they can continue to use the established RBS daisywheel trademark and designs through September 2034, which is beneficial for brand recognition and customer trust.