(Reuters) – Citizens Financial Group Inc is not looking to do many acquisitions in the near term, the bank’s Chief Executive Bruce Van Saun said at a conference on Friday, adding that the lender’s “strong” capital could instead be used for buybacks.
The bank was one of several bidders for the assets of First Republic Bank which collapsed in May, Reuters reported last month. First Republic’s assets were eventually sold to JPMorgan Chase & Co.
The collapse of three U.S. lenders so far this year has pushed mergers and acquisitions activity in the banking sector to the forefront. Some private equity firms have also been opportunistic, jumping in to grab a bigger slice of the lending market.
U.S. Treasury Secretary Janet Yellen told bank CEOs last month that more mergers may be necessary, according to a CNN report.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)