Ahead of routine investors meetings, The Royal Bank of
Scotland Group announced today that its US subsidiary, Citizens Financial Group,
has successfully completed the conversion of the Regional Banking Franchise
acquired from Mellon onto the Citizens IT platform.
Completion of the IT conversion in August is considerably
ahead of the schedule envisaged at the time of the acquisition, and means that
the vast majority of the integration activity is complete. In addition to
systems conversion, the rebranding of the business, the transitioning of
employees, the introduction of the Citizens product suite and the establishment
of all operational facilities are complete.
Commenting on the Mellon integration Fred Goodwin, Group
Chief Executive said:
"The conversion of the acquired Mellon operations onto
the Citizens IT platform marks the completion of the vast majority of the
overall integration programme. That this has been achieved so far ahead of
schedule, so smoothly, and whilst delivering good income growth, is to the
great credit of Larry Fish and our team, and provides a strong foundation
for the next phase of our strategy in the US."