There are precious few footprints in American business with the I-95 visibility enjoyed by the glass-sheathed Royal Bank of Scotland in Stamford. Now there is word the address and corporate name come with marching orders to do better socially, from hunger to education to volunteerism.
RBS recently rolled out a billion-dollar national community initiative that, while clearly expensive, rings with humility. It”™s as if the powers that be had an epiphany that said, “Look to the future.” And what they see there ”” potential customers and future markets ”” will not bear fruit without seeds and water. Smart bankers, like all farmers, know that. The bank followed its announcement with a call to the Business Journal announcing future, as yet unnamed, local projects from the billion-dollar fund.
Prior to the new funding, and specific to the local scene, the bank”™s Champions in Action program is designed to enhance local quality of life and economics. Launched in 2002, Champions in Action is a joint initiative of Citizens Bank ”” a division of RBS ”” and News 8 to support nonprofits. To date, it has given more than $1 million in grants and promotional support.
The billion-dollar RBS program the company describes below, is an example of smart people using their heads to look beyond the tyranny of short-term gain.
“With many U.S. communities still grappling with the impacts of the slowly recovering economy, RBS Citizens Financial Group (RBSCFG) announced a commitment to provide $1 billion in funding for affordable housing and community development projects over the next five years. The loans and investments made through this program are part of the bank”™s ongoing efforts to provide communities with innovative products and services to support community stabilization and economic health.
“Our focus on supporting the communities we serve has never been more central to our work as a bank, and we”™re proud to express our continuing long-term commitment to community development with this $1 billion initiative over the next five years,” said Robert Matthews, vice chairman of commercial banking, RBSCFG. “We are excited for this work to begin and have already established the necessary foundation with the creation of our community development division, which is now identifying opportunities to make a difference in the communities where we live and work. The RBS Citizens Community Development program of loans and investments complements the financial and volunteer support provided to local nonprofits through Citizens Helping Citizens, RBS Citizens Financial Group”™s charitable program addressing five key areas: hunger, housing, economic development, financial education and volunteerism.”
RBS is a colossus, managing $952.88 billion as of Sept. 30. Such enterprises have been pilloried as “Too big to fail.” But with this billion-dollar foray into community building, RBS introduces a new tagline for consideration: “Too involved to be pilloried.”
