23rd Mar 2007 09:15
Royal Bank of Scotland Group PLC23 March 2007 The Royal Bank of Scotland Group plc RBS announces management appointments in US Lawrence K. Fish named Chairman of RBS America Ellen Alemany appointed CEO of RBS America Released 0900hrs, 23 March The Royal Bank of Scotland Group plc (RBS) announces appointments to furtheralign the management structure of its American operations. The creation of aunified management team positions RBS to take advantage of growth opportunitiesacross and between its businesses in the US. Lawrence K. Fish, currently Chairman and CEO of Citizens Financial Group(Citizens), will become Chairman, RBS America and will continue to serve on theBoard of RBS. He will be supported by a management team led by Ellen Alemany. Ellen Alemany has joined from Citigroup and will become CEO, RBS America inwhich capacity she will report to Group Chief Executive, Sir Fred Goodwin and bea member of RBS's Group Executive Management Committee. Ellen Alemany has 30years experience in global banking and was most recently CEO, Global TransactionServices and a member of Citigroup's Operating Committee. Stephen D. Steinour, who is currently President of Citizens, will become CEO andPresident of Citizens. Jay Levine will continue in his role as CEO of RBS GlobalBanking & Markets (GBM) business in the US, which includes RBS GreenwichCapital. Commenting on the appointments, Sir Fred Goodwin, Group Chief Executive of RBSsaid: "These management appointments represent a logical and natural step in thedevelopment of our activities in the US as our businesses work more closelytogether. Our American operations have scale, diversity and geographic reach,providing us with significant options for further growth, and these appointmentsposition us well for the next phase of that growth. "Larry has been pivotal in building our businesses in the US and will continueto play a central role. Ellen's credentials and experience make her an idealcandidate for this new role and for the challenges and opportunities that lieahead as we step into a new phase in the development of our activities in theUS." Commenting on the appointments Larry Fish, Chairman, RBS America said: "We have achieved extraordinary growth in the US. The combination of our locallybased management team and the global strength of RBS has taken us from aposition of fifth largest bank in Rhode Island in 1988 to one of the top tencommercial banks in the US today. "We have a more diverse franchise and a broader range of growth options thanever before. This new structure will enable our customers, shareholders,colleagues and communities to reap even greater benefits from the combinedstrengths of our businesses in the US." Ellen Alemany said: "I am excited to be joining this outstanding organisation at such an importantstage in its development. "I am delighted and grateful for the opportunity to work with Sir Fred, Larryand other colleagues at RBS to further integrate and develop what is already oneof the top financial institutions in the US." Contact Details Andrew McLaughlinGroup Director, Economics & Corporate Affairs+ 44 131 626 3868+44 7786 111689 Carolyn McAdamHead of Group Communications+44 131 523 2055+44 7796 274968 Richard O'ConnorHead of Investor Relations+ 44 207 626 1758+44 7909 873681 Biographies Lawrence K. Fish, Chairman RBS America Larry is a main board director at RBS Group and Chairman of Citizens FinancialGroup Inc. Since taking over in 1992, Citizens, under Larry's leadership, hasgrown 25 fold to become one of the top ten commercial banks in America. He is aDirector of Textron Inc., and a member of the Board of Trustees of The BrookingsInstitution in Washington, D.C. and Massachusetts Institute of Technology. He isa former Director of the Federal Reserve Bank of Boston. Ellen Alemany, CEO RBS America Ellen was responsible for Global Transaction Services (GTS) at Citigroup with22,000 employees world-wide. Until joining RBS Ellen was also a member of theBoard of Directors of Citibank N.A. and a member of the Citigroup OperatingCommittee. Prior to GTS, she held a number of senior positions Executive VicePresident for the Commercial Lending Group, which includes CitiCapital, theCommercial Markets Group, and the Commercial Real Estate Group - focusing on thefinancing needs of small to medium sized enterprises across a broad range ofindustries in the US. In the last two years, Ellen has been ranked in the top 5of the highly rated "Most Powerful Women in American Banking" US Banker survey. Stephen D. Steinour, CEO CFG Steve Steinour is currently President of Citizens Financial Group, Inc. and isresponsible for overseeing the bank's business lines and operations. Prior tothis, Steve was Chief Executive Officer of Regional Banking in the states ofDelaware, Illinois, Indiana, Michigan, New Jersey, New York, Ohio, andPennsylvania. Steve was the leading Citizens' executive responsible for bankacquisitions and integrations. Jay Levine, CEO GBM, America Jay Levine is Chief Executive Officer of Global Banking & Markets, America withresponsibility for all RBS' institutional businesses in the US, and sits on theGBM Board of Directors. He is also President and Chief Executive Officer of RBSGreenwich Capital, GBM's American capital markets subsidiary. RBS America RBS America is the sixth largest bank by assets in the US and the sixth largestbank by deposits. It employs 24,800 staff through Citizens Financial Group andGBM America. Last year RBS America accounted for 26% of RBS Group operatingprofit. Its businesses comprise of: •Citizens Financial Group, which is headquartered in Providence, Rhode Island, and employs 23,100 people. It has retail and business banking operations in 13 states stretching from New England to the Mid-West and covering 30% of the US population. It has the 8th largest retail branch network in the US and is the 2nd largest supermarket bank. It also includes card issuing based in Bridgeport, card acquiring (RBS Lynk) based in Atlanta, Kroger Personal Finance a joint venture with the second largest US supermarket, and Citizens Asset Finance headquartered in Chicago. •Global Banking & Markets, America (GBM, America), comprise RBS Greenwich Capital and Corporate and Institutional Banking based in New York. It employs 1,730 in its main offices in Greenwich, New York, Chicago and Houston. It plays a leading role in the fixed income markets, and has risen in the US Loan Markets from No 27 in 2004 to No 7 in 2006. Global Banking & Markets (GBM) is a leading banking partner to major corporations and financial and government institutions around the world providing an extensive range of debt, risk and investment services. The GBM business brings to the American market the experience of a No 1 ranking for Asset Backed Securities and Project Finance globally, and No 4 for loans, No 5 for Foreign Exchange, No 6 for all Debt and No 8 for international bonds. RBS financial highlights of 2006: •Income up 10% to £28,002m ($51,635m) •Group Operating profit increased by 14% to £9,414m ($17,359m) •Total dividend for the year of 90.6p per share, up 25% •GBM income up 22% to £6,826m ($12,587m) •GBM operating profit up 25% to £3,790m ($6,989m) •Citizens income up 3% to £3,317m ($6,115m) •Citizens operating profit up 2% to £1,582m ($2,917m) •GBM America income up 18% to $2,799m Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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