RBS 2006 Annual Report Download - page 29

RBS Group • Annual Report and Accounts 2006
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■Supermarket and other non-traditional branches
now account for approximately one-third of Citizens’ retail
branch distribution, with more than 520 branches. Citizens
is the second-largest supermarket bank in the US, taking
advantage of busy store locations with key partners.
■Citizens was the No 1 US Small Business Administration
(SBA) lender in every market it served during 2006, with nearly
7,000 SBA-backed loans totalling more than US$320 million.
■RBS Lynk, our merchant acquiring business, achieved
significant growth, processing 40% more transactions than
in 2005 and expanding its merchant base by 11%. RBS
Lynk became only the second processor in the US to offer
its merchants full end-to-end acquiring, processing and
settlement for transactions.
■Citizens’ commercial business has grown significantly
since December 2005, with average commercial loans up
15% excluding financed leases. In foreign exchange, interest
rate derivatives and cash management we benefited from
the product strength of RBS Corporate Markets.
■By the end of 2006, Citizens had opened 390 new
company cash management relationships with RBS
corporate clients, bringing in over US$200 million of
new deposits.
■Launched in early 2002, the Asset Finance group
has grown to more than US$5 billion in assets and funded
more than US$1.7 billion in 2006, providing asset financing
to mid-sized and large corporate customers nationally.
■The Government Banking division recorded a 14%
increase in total funds under management during 2006,
rising to US$14 billion.
■Citizens’ purchase of GreatBanc, Inc., announced in
October 2006 and completed on 1 February 2007, continues
the Charter One Bank expansion in Illinois and makes it the
fourth-largest bank in the greater Chicago marketplace.
Divisional review Citizens
Boston Scientific A world-leading developer and
manufacturer of medical devices, including coronary stents,
Boston Scientific, found funding support for its acquisition of
Guidant from a combination of Citizens, RBS and Ulster Bank.
Divisional review continued
Citizens continued