RBS Americas and Citizens Financial Group CEO Ellen Alemany sees opportunity to improve economic system in challenging times

Providence, R.I.   (November 24, 2008) - As keynote speaker at Monday evening's Greater Providence Chamber of Commerce Annual Meeting, Ellen Alemany, CEO of RBS Americas and Citizens Financial Group and a 31-year veteran of the banking industry, addressed concerns about the impact of the global economic crisis on businesses in Rhode Island and around the world.

Alemany spoke directly to the concerns of business leaders, suggesting that given the solutions implemented by governments across the globe in response to deteriorating economic conditions “we are approaching a great frontier of change and will emerge stronger as we forge through this crisis.” While she noted that the current downturn is likely to be the longest and most severe since the early 1980s, she also offered a prescription for ensuring that the mistakes leading to the crisis are not repeated in the future.

She specifically pointed to the regulatory system and transparency, noting that “market forces need checks and balances; without them, the system is subject to abuse. We need strong regulators and we clearly need to re-engineer the regulatory system.”

Alemany continued, “We need to do this, not only for the market we knew yesterday but also the one that is to come tomorrow - one that is even more global and more competitive - so that we can again establish America's markets as a place for trust and opportunity.” She said that with the help of added liquidity from the Federal Reserve and a commitment from the banking community “to lend and make credit available while preserving high standards and integrity,” businesses will continue to operate and grow.

Alemany acknowledged that the days ahead will be challenging for all of us and believes the businesses that succeed will be those that focus on efficiency, carefully seize new opportunities while keeping a keen eye on their priorities, stay true to their core functions and are not distracted by the storm outside.

“America has always been at its best in times of crisis and challenge. This is one of them - and it offers us an opportunity to change, innovate and ultimately lead,” said Alemany.

Speaking to the Rhode Island community, Alemany noted Citizens' commitment to the state, which it has served for 180 years, saying “We helped build this city and this state, and our commitment today is as strong as ever. We are part of this community. We are committed to its success.”

A complete transcript of Ms. Alemany's keynote address is available online at http://www.charterone.com/about-us/news/shared/2008/11-24-08-alemany.aspx.

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