EXHIBIT 21.1

CITIZENS FINANCIAL GROUP, INC.

SUBSIDIARIES

Name of Subsidiary			Jurisdiction of Organization
1215 Financial Center Associates, Ltd.			OH
CFG Service Corp.			DE
Citizens Asset Finance, Inc.			NY
Citizens Bank, National Association			United States
Citizens Capital Markets, Inc.			MA
Citizens Charitable Foundation			RI
Citizens Funding Corp.			NH
Citizens Insurance Holdings, Inc.			RI
Citizens One Community Development Corporation			NY
Citizens One NMTC CDE Corp.			DE
Citizens One NMTC CDE, LLC II			DE
Citizens One NMTC CDE, LLC III			DE
Citizens One NMTC CDE, LLC IV			DE
Citizens One NMTC CDE, LLC V			DE
Citizens RI Investment Corp. IV			RI
Citizens Securities, Inc.			RI
Citizens Ventures, Incorporated			MA
Clarfeld Financial Advisors, LLC			DE
Connecticut Realty Investors, Inc.			CT
CSB Investment Corp.			RI
Estate Preservation Services, LLC			NY
Harvest Capital Strategies Holdings LLC			DE
Harvest Capital Strategies LLC			DE
Harvest Enterprise GP I, LLC			DE
Harvest Growth Capital Manager LLC			DE
HCAP Advisors LLC			DE
HCS Strategic Investments LLC			DE
HIC-JMP RP I Managing Member LLC			DE
ICX Corporation			OH
JMP Asset Management Inc.			TX
JMP Asset Management LLC			TX
JMP Capital I Managing Member LLC			DE
JMP Capital LLC			DE
JMP Group Inc.			DE
JMP Group LLC			DE
JMP Holdings LLC			DE
JMP Investment Holdings LLC			DE
JMP Realty I LLC			DE
JMP Realty II LLC			DE
JMP Realty III LLC			DE
JMP Securities LLC			DE
Mass Investment Corp.			RI
Minuteman Investments Corporation			MA
Montgomery Service Corporation			PA

EXHIBIT 21.1

CITIZENS FINANCIAL GROUP, INC.

SUBSIDIARIES

New England Acceptance Corporation			NH
PA Investment Corp. I			RI
PA Investment Corp. II			RI
PA Investment Corp. V			DE
PCHC NMTC Investment Fund, LLC			DE
RBS Citizens Insurance Agency, Inc.			OH
RI Realty Trust, Inc.			MA
Servco, Inc.			OH
Thistle Group Holding Co.			PA
Willamette Management Associates, Inc.			OR