Acquisition

Royal Bank of Scotland Group PLC
30 July 2003



Citizens to Acquire Community Bancorp, Inc.

30 July 2003

Citizens Financial Group, a wholly owned subsidiary of The Royal Bank of
Scotland Group plc, has agreed to purchase Community Bancorp, Inc., the holding
company for Community National Bank for $116 million.

Community Bancorp, Inc., is headquartered in Hudson, Massachusetts. It has total
deposits of $348 million and operates 10 branch locations and 12 ATMs throughout
Middlesex County.

The transaction is subject to Community Bancorp, Inc. shareholder and US
regulatory approval and is expected to complete by the end of the fourth quarter
2003.

Fred Goodwin, Group Chief Executive, The Royal Bank of Scotland Group said:
'This is a small tactical acquisition that is forecast to be accretive for our
shareholders and will deepen Citizens presence in Middlesex County, the largest
eastern Massachusetts market outside Boston.'

Ends

Enquiries to:
Richard O'Connor, Investor Relations                  0207 672 1762
Carolyn McAdam, Group                                 0131 523 2056

Communications


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