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RBS Citizens Financial Group Announces CEO Succession Plan

Chairman and CEO Ellen Alemany to step down in September 2013

Royal Bank of Scotland CFO Bruce Van Saun to become Chairman and CEO Oct. 1

Providence, RI (May 10, 2013) – RBS Citizens Financial Group announced today that its Chairman and CEO, Ellen Alemany, has decided to retire from RBS in September 2013. As part of a succession plan established last summer current RBS Group Finance Director Bruce Van Saun will succeed her as Chairman and CEO of the bank holding company serving consumers as Citizens Bank and Charter One and corporate customers as RBS Citizens. He will also succeed Alemany as head of RBS Americas.

"We thank Ellen for her hard work and dedication on behalf of Citizens Bank, Charter One and RBS Citizens colleagues and customers," said Stephen Hester, group chief executive of RBSCFG's parent, the Royal Bank of Scotland. "Ellen has provided important and valuable leadership, steering the bank through the turbulence of the financial crisis and building a culture that is grounded in a commitment to customers, colleagues and community. She has been a valued colleague to me and the Executive Committee of RBS and I want to thank her for all she has done. We are fortunate to have a strong successor to Ellen in Bruce, who has done a great job in helping lead the RBS recovery plan. He has worked very closely with Ellen and her team and will provide effective leadership as we continue to move Citizens forward."

"I am proud of all that our RBS Citizens Financial Group colleagues have accomplished for our customers over the course of the past five years – a time of significant change in our industry," Alemany said. "Through it all, we have strengthened our customer franchise while staying true to who we are – a regional bank that really knows and cares about the communities we serve. Having worked very closely with Bruce as a member of the RBS Group Executive Committee, he is the right leader to help shape our future growth. Bruce understands RBSCFG's potential to be one of the best regional banks in the country, and I am confident that his leadership will empower the bank's colleagues to continue putting customers at the center of everything they do."

"Ellen has managed the Citizens Bank, Charter One and RBS Citizens franchises to profitability in a time of great headwinds for the industry, building a strong foundation that positions the company for future progress," said Arthur Ryan, lead director of RBS Citizens Financial Group and a member of the RBS board of directors. "We thank Ellen for ably leading the way in this time of significant change and for ensuring that the bank maintains its strong focus on customers above all else."

Alemany's financial services career spans more than 35 years. She joined RBS in 2007 after spending 20 years in various leadership roles at Citigroup, including CEO of its Global Transaction Services business. She serves on the board of directors of the Financial Services Roundtable, the Clearing House Payments Company and Automatic Data Processing. From 2008 through 2010, she served on the Federal Advisory Council as First District Representative, directly consulting with and advising the Board of Governors of the Federal Reserve System. For the past nine years, she has been named among the most powerful women in banking by American Banker, which ranked her at #4 in 2012.

"I am very excited by this opportunity to lead RBS Citizens Financial Group. I look forward to continuing to build on the good work that's been done at the bank under Ellen's leadership," Van Saun said. "With a strong foundation now in place, we are aiming to grow in the markets we serve and start preparing RBS Citizens Financial Group for a partial listing in the U.S. market. I know that our CFG colleagues are already hard at work making banking better for their customers. I look forward to joining this effort and to upholding the bank's special heritage as a company that is truly invested in its customers, colleagues and communities."

Van Saun, who joined RBS as Group Finance Director in 2009, brings extensive leadership experience to RBS Citizens Financial Group, with more than 30 years in the financial services industry. He has regularly ranked among the top CFO's in banking – both while in the US and UK. From 1997 to 2008 he held a number of senior positions with Bank of New York and later Bank of New York Mellon, most recently as Vice Chairman and Chief Financial Officer and before that responsible for the Asset Management and Market Related businesses. Prior to that, he held senior positions with Deutsche Bank, Wasserstein Perella Group and Kidder Peabody & Co. From late 2008 through joining RBS he worked as an advisor to US private equity firms. He is currently a director of Direct Line Insurance Group plc, WorldPay and Lloyd's of London (Franchise Board). He previously served on several corporate Boards in the US and has been active in numerous community organizations.



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