RBS 2007 Annual Report Download - page 9

07
Contribution ($m)
Contribution (£m)
Total costs (£m)
Contribution (£m) – from date of acquisition 17 October 2007.
RBS
Insurance
Manufacturing
ABN AMRO
RBS Insurance sells and underwrites retail and SME insurance
over the telephone and internet, as well as through brokers
and partnerships. Direct Line, Churchill and Privilege sell
general insurance products direct to the customer. Through its
International division, RBS Insurance sells general insurance,
mainly motor, in Spain, Germany and Italy. The Intermediary
and Broker division sells general insurance products through
independent brokers.
Manufacturing supports the customer-facing businesses
and provides operational technology, customer support in
telephony, account management, lending and money
transmission, global purchasing, property and other services.
Manufacturing drives efficiencies and supports income growth
across multiple brands and channels by using a single,
scalable platform and common processes wherever possible.
It also leverages the Group’s purchasing power and has
become the centre of excellence for managing large-scale
and complex change.
ABN AMRO is a major international banking group with
a leading position in international payments and a strong
investment banking franchise with particular strengths in
emerging markets, as well as offering a range of retail financial
services in Asia and the Middle East, ABN AMRO has regional
business units in Europe, the Netherlands, North America,
Latin America and Asia. The businesses of ABN AMRO to be
retained by RBS comprise principally its global wholesale
businesses and its international retail businesses in Asia,
Eastern Europe and the Middle East.
Citizens is engaged in retail and corporate banking activities
through its branch network in 13 states in the US and through
non-branch offices in other states. Citizens was ranked the
ninth largest commercial banking organisation in the US based
on deposits as at 30 September 2007. Citizens Financial Group
includes the two Citizens Banks, RBS Lynk, our US merchant
acquiring business, and Kroger Personal Finance, our
credit card joint venture with the second largest US
supermarket group.
2007 key highlights
Home insurance grew across all of our own brands in
the second half, with sales of home policies through our
bank branches up 40%.
As a founder signatory in 2007 of the ClimateWise
principles, we will work with government and customers
to embed environmentally-friendly behaviour.
2007 key highlights
We held cost growth to 1%, despite investing to
support increased transaction volumes and the
development of our businesses.
We helped to launch mobile phone banking
in September, allowing customers to access
mini-statements and account balances through
text alerts.
2007 key highlights
Transaction banking income rose 7%, reflecting
strong growth in cash management balances and
significant expansion in trade finance.
GBM and ABN AMRO’s capabilities will make us
a global top five bank in products including Global
Securitisation, International Bonds and International
Cash Management.
2007 key highlights
RBS Lynk, our US merchant acquiring business,
processed 30% more transactions than in 2006.
Kroger Personal Finance, our joint venture with the
second largest US supermarket group, sold over
two million products.
Citizens
07
06
2,647
2,917
07
06
902
964
07
06
2,914
2,872
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RBS Group • Annual Report and Accounts 2007