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Citizens appoints Stephen R. Woods to President, Citizens Bank, Massachusetts replacing Robert E. Smyth

PROVIDENCE, R.I.               (July 22, 2009) - Citizens Financial Group, Inc. today announced that Stephen R. Woods, Executive Vice President and Director of Mid-Corporate Banking, has been appointed President of Citizens Bank, Massachusetts. Woods, 48, replaces Robert E. Smyth, who is retiring after seven years as the bank's State President and a career in banking that spans nearly four decades.

"Bob is a talented banker and has been an important contributor to the growth of the Citizens franchise in Massachusetts," said Ellen Alemany, Chairman and CEO of Citizens Financial Group. "We thank him for his service, and wish him well in this next stage of his life."

Smyth joined CFG in 2002, bringing more than 30 years of banking experience to Massachusetts' second-largest commercial bank. At Citizens, he oversaw the coordination of all business lines in Massachusetts with a particular focus on commercial banking.

"I am proud of all that we have accomplished during my time at Citizens, and thank the hard-working colleagues in Massachusetts and throughout our franchise for making Citizens such a great place to work," said Smyth.

In appointing Woods, Alemany said, "Steve's banking and leadership experience will serve our customers, colleagues and communities in Massachusetts well. At Citizens, his proven ability in successfully growing a national business will benefit our Massachusetts bank."

Woods joined CFG in 2007 to lead the bank's Mid-Corporate Banking business unit, serving customers with annual sales of $500 million to $2 billion throughout the CFG franchise. He is a member of CFG's Executive Leadership Group, the company's senior leadership team. In addition to his responsibilities as State President in Massachusetts, Woods will continue to oversee CFG's Mid-Corporate Banking business unit.

Before joining CFG, Woods was National Sales Executive for Cleveland, Ohio-based Key Corp, overseeing 29 offices from Boston to Seattle, more than 400 employees and $25 billion in loan commitments. Previously, he managed Key's nationwide consumer investment banking business.

Woods is a graduate of Trinity College, where he received a bachelor of arts in economics.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is a $167 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,450 branches, approximately 2,650 ATMs and approximately 23,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets. CFG is owned by RBS (The Royal Bank of Scotland Group plc).