RBS combines domestic asset finance business of Citizens Bank, Charter One Bank and RBS to form RBS Asset Finance
PROVIDENCE, RI (January 12, 2006) - RBS (The Royal Bank of Scotland Group plc) announced that it has combined the domestic asset finance businesses of Citizens Bank and Charter One Bank with its existing RBS Asset Finance business. The newly created entity, RBS Asset Finance, ranks as the 8th largest bank lessor in the United States with assets of approximately $6 billion.
RBS Asset Finance will operate under the brand names of RBS Asset Finance, Citizens Asset Finance, and Charter One Asset Finance in their respective marketplaces. These brands replace RBS Lombard, Inc., Citizens Leasing Corporation and ICX Corporation.
The strength of the combined group will enable it to extend the range of products available to customers with loans and leases from $250,000 to $250 million and specialist expertise in a wide variety of industries and products including business aviation, federal government, cross border, structured finance, public finance, indirect sales and equipment leasing.
Laird M. Boulden is President and CEO of the enlarged group, reporting to James G. Connolly, Vice Chairman, Corporate Banking at Citizens Financial Group, Inc. RBS Asset Finance is headquartered in Chicago with offices throughout the U.S.
Commenting on the announcement, Boulden said, "The acquisition of Charter One has presented an ideal opportunity for RBS, Citizens and Charter One to review the strength of our combined operations and leverage the considerable expertise we have across a wide range of industries and product areas."
"With the new structure we now have in place, we will be in a much stronger position to offer customers the advantages of a local focus, but the national and international capabilities, financial strength and stability of RBS, now the world's 8th largest bank."
About RBS Asset Finance
RBS Asset Finance is the eighth-largest bank-owned asset lessor in the U.S. with approximately $6 billion in assets and $1.8 billion in annual originations. Chicago-based RBS Asset Finance operates as Citizens Asset Finance and Charter One Asset Finance in those respective bank marketplaces. Portions of its operations previously were known as RBS Lombard, Citizens Leasing and ICX Corporation. Its Web site is rbsassetfinance.com. RBS Asset Finance is a subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I. Citizens' Web site is citizensbank.com. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
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