30th Oct 2006 16:33
Royal Bank of Scotland Group PLC30 October 2006 RBS subsidiary, Citizens Financial Group Inc., to acquire GreatBanc, Inc. Charter One becomes 4th largest bank in the Chicago region. 30 October, 2006 Citizens Financial Group Inc, parent company of Charter One Bank and whollyowned subsidiary of RBS, has agreed to acquire GreatBanc, Inc. in a cashtransaction for approximately $180m, which represents a premium to deposits ofjust over 12.5%. The transaction will make Charter One the fourth largestcommercial banking operation by deposits in the greater Chicago area. GreatBanc, Inc is headquartered in Lisle, Illinois. GreatBanc, Inc. is a bankholding company with three community banking subsidiaries. GreatBanc, Inc.operates 10 banking locations in three counties around Chicago. The transaction is expected to complete, subject to regulatory approval, in thefirst quarter of 2007. For further information: Media RelationsHoward Moody Group Director, Communications0207 672 192300 44 7768 033562 Investor RelationsRichard O'Connor Head of Investor Relations0207 672 176300 44 7909 873681 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RBS.L