Acquisition

Royal Bank of Scotland Group PLC
22 September 2003

'RBS' Citizens Financial Group Inc. to Acquire Roxborough Manayunk Bank .

Citizens Financial Group Inc., a wholly owned subsidiary of RBS, has agreed to
acquire the entire issued share capital of the holding company for Roxborough
Manayunk Bank for a consideration of $136million payable in cash.

Thistle Group Holdings is headquartered in Philadelphia, Pennsylvania. At 30
June 2003 it had total assets of $914million, with $550million in deposits and
$320million in net loans. It operates from a network of 14 branches in
Pennsylvania and 1 in Delaware, extending Citizens' reach and further
strengthening its position as the second largest bank in the Philadelphia area.

The transaction, which is expected to complete in the first quarter of 2004, is
subject to Roxborough Manayunk Bank's holding company shareholder approval and
US regulatory approvals.



For Further Information
Media Relations
Carolyn McAdam
0131 523 2055
00 44 7796 274968

Investor Relations
Richard O'Connor
0207 672 1763
00 44 7909 873681

22 September 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange