RBS 2005 Annual Report Download - page 35

2005
Divisional review
33
Citizens ranks as the eighth largest
commercial banking organisation
in the US by deposits. Last year
was Citizens’ 13th consecutive
year of record profits, achieved
through the integration of Charter
One and strong organic growth.
In 2005 Citizens increased its
income by 42% to US$5,940 million.
 Through Citizens Bank and Charter One
Bank, Citizens’ network of retail and corporate
banking covers Connecticut, Delaware, Illinois,
Indiana, Massachusetts, Michigan, New Hampshire,
New Jersey, New York state, Ohio, Pennsylvania,
Rhode Island and Vermont. Citizens has a retail
and corporate presence in about 40 states.
 The systems and account integration for
3 million customer accounts and around 8,000
colleagues of the former Charter One Financial, Inc.,
the company’s largest US acquisition, was completed
in July 2005, five months ahead of schedule.
 In 2005, all Citizens Bank and Charter One
branches and facilities were re-branded, with more
than 70,000 new signs and ATM surrounds using
the RBS logo, a new font for the bank name and the
distinctive Citizens green.
 Citizens made more than 900,000 new
consumer loans totalling US$22 billion during 2005
and processed more than 1.5 million credit
applications. Its Consumer Finance division is the
No.2 bank auto lender in the US and a top home
equity lender. The Consumer Finance division
introduced two new business lines: Indirect
Recreational Vehicle and National Home Equity.
Both new initiatives contributed operating profit in
their first year of operation.
 Citizens’ “Switch Support” programme
with automated concierge service has smoothed
the transition of customers switching to Citizens
and Charter One from other banks.
 Our supermarket banking programme
continued its momentum during 2005, adding
34 branches in strategic locations with our primary
partners. With around 520 Citizens Bank and
Charter One in-store branches, Citizens is now the
second-largest supermarket banker in the US.
 Building on this momentum, in January
2006 Citizens announced the opening of 75 branches
in Stop & Shop Supermarkets over the next three
years, expanding its supermarket banking
franchise into New York’s Hudson Valley, Rockland
and Westchester Counties and Long Island. The
partnership with Stop & Shop began in the New
England franchise in 2001, where it has grown to
125 stores.
 RBS National Bank, now part of Citizens’ US
credit cards division, launched the Circle Rewards
MasterCard that can be issued automatically
when a qualifying customer opens an account
at a Citizens Bank or Charter One branch.
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