Citizens Group Acquisition

Royal Bank of Scotland Group PLC
17 April 2003

17 April 2003

Citizens to Acquire Port Financial Corp.

Citizens Financial Group, a wholly owned subsidiary of The Royal Bank of
Scotland Group plc, has agreed to purchase Port Financial Corp., the holding
company for Cambridgeport Bank in a cash transaction for $285 million.

Cambridgeport Bank is a Massachusetts savings bank operating 11 branches in
Middlesex and Norfolk counties, the largest eastern Massachusetts markets
outside Boston. It has total deposits of $1.2 billion and total loans of $0.8
billion.

The transaction is subject to Port Financial Corp. shareholder and US regulatory
approval and is expected to complete by the end of the third quarter 2003.

Fred Goodwin, Group Chief Executive, The Royal Bank of Scotland Group said:
'This is a small tactical acquisition that will be fully absorbed into the
Citizens Group. It is forecast to be accretive for our shareholders, and
usefully deepens the Citizens' franchise in a prosperous part of the Boston
area.'

For further information, contact:

Investor Relations:
Alan Waite
Investor Relations
Tel: [phone]

Media Enquiries:
Howard Moody
Director, Group Communications
Tel: [phone]




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