Citizens Interim Results

Royal Bank of Scotland Group PLC
1 August 2000


The Royal Bank of Scotland Group plc is pleased to attach a
copy of the results of its U.S. banking subsidiary, Citizens
Financial Group, Inc. for the six-months ended June 30, 2000.

The financial information contained in the attached has been
prepared in accordance with accounting principles generally
accepted in the United States of America ('U.S. GAAP').
Citizens' profits before taxation and one-time merger and
other costs for the six-month period ended June 30, 2000 based
on U.K. GAAP and U.S. GAAP were as follows:

                                      Six-Months ended
                                          June 30,

                                  2000                1999

U.K. GAAP                         $245.0             $203.0

U.S. GAAP                         $220.5             $176.7


Contact:  Heather Campion
          001 617 7255825


      Citizens Reports 12% Increase in Operating Earnings

PROVIDENCE,  RI -- Citizens Financial Group, Inc. ('Citizens')
today  reported operating earnings of $136.2 million  for  the
six-month  period  ended June 30, 2000,  up  12%  compared  to
operating earnings of $121.5 million for the comparable  prior
year period.

Citizens recorded one-time merger and other costs, net of tax,
of  $29.9  million for six-month period ended June  30,  2000.
These  costs were primarily related to the acquisition of  UST
Corp.  on  January 11, 2000.  Including the  impact  of  these
costs,  net income was $106.3 million for the six-month period
ended June 30, 2000.

At June 30, 2000 total assets were $30.2 billion for the four-
state bank holding company, compared to $19.8 billion in 1999.
The  acquisition of UST Corp. and the purchase of State Street
Bank's  commercial banking business on October 1,  1999  added
assets of $8.1 billion.  Excluding the impact of UST and State
Street,  Citizens had strong organic growth in its commercial,
lease  and  consumer loan portfolios. In addition to  deposits
gained  through  the  acquisition of UST  and  State  Street's
commercial  banking business, organic growth in  both  savings
and demand deposits have increased significantly.

'Our  strong  results  over the past six  months  reflect  the
confidence  that business and retail customers throughout  New
England  have in Citizens.  Our acquisition and conversion  of
both  UST and State Street's commercial banking business  were
highly  successful,  and  we  are continuing  to  attract  new
customers,  '  said Lawrence K. Fish, Chairman, President  and
CEO of Citizens Financial Group, Inc.

Net  interest income was up $171.9 million, or 51.3%, for  the
six-month  period  ended June 30, 2000 primarily  due  to  the
acquisitions noted above and strong organic loan  and  deposit
growth.

Noninterest  income increased $70.6 million, or 67%,  for  the
six-month  period  ended June 30, 2000.  In  addition  to  the
impact  of  UST  and State Street, the growth  in  noninterest
income  is being driven by strong growth in International  and
Cash  Management revenue along with growth in other fee  based
businesses.

Noninterest  operating expense, which excludes the  impact  of
one-time  merger  and  other costs  and  the  amortization  of
goodwill  and core deposit intangible, was $383.3 million  for
the  six-month  period  ended June  30,2000,  a  $153  million
increase.  The increases are primarily related to the UST  and
State Street acquisitions.

Citizens  Financial  Group, Inc. is a  $30  billion  financial
services  company headquartered in Providence, RI. It operates
as  Citizens Bank in Connecticut, Massachusetts, New Hampshire
and Rhode Island. Citizens is a wholly owned subsidiary of The
Royal  Bank of Scotland plc.  With more than 330 branches  and
more   than  800  ATMs  in  Connecticut,  Massachusetts,   New
Hampshire,  and  Rhode Island, Citizens is the second  largest
bank holding company in New England.

For  more  information,  please  contact  us  at  our  website
www.citizensbank.com.



                CITIZENS FINANCIAL GROUP, INC.
               CONSOLIDATED STATEMENTS OF INCOME
                          (unaudited)

                                     SIX MONTHS ENDED
                                           JUNE 30,

(In thousands)                       2000         1999
                                                      
                                                      
Net interest income              $506,867      $334,918
Provision for credit losses        22,934         8,716
                                 --------      --------
    Net interest income after     483,933       326,202
    provision for credit losses  --------      --------
                                                       
Noninterest income                175,852       105,297
                                                       
Noninterest expense                                    
    Operating                     383,333       230,337
    Amortization of goodwill       55,969        24,415
    and core deposit intangible  --------      --------
Total noninterest expense         439,302       254,752
                                 --------      --------
Earnings before income taxes      220,483       176,747
                                                       
Income taxes                       84,260        55,206
                                 --------      --------
Net income-operating             $136,223      $121,541
                                                       
One-time merger and other                       
costs, net of tax                  29,889             -
                                                       
Net Income-reported              $106,334      $121,541
                                 ========      ========
                               
                               
                CITIZENS FINANCIAL GROUP, INC.
                  CONSOLIDATED BALANCE SHEETS
                          (unaudited)

                                                 JUNE 30,
                                                               
(In Thousands)                              2000           1999

Assets                                                         
-------
  Cash and due from banks             $1,198,714       $564,369
  Federal funds sold and other                                 
    Short-term investments                46,003         55,386
  Securities                           7,625,298      7,240,478
                                                               
  Loans and leases:                   17,950,661     10,543,444
  Less:  Allowance for possible          295,327        173,624
         credit losses
                                      ----------     ----------
         Net loans and leases         17,655,334     10,369,820
                                      ----------     ----------
                                                               
  Goodwill and core deposit            1,940,582        587,815
    intangible
  Other assets                         1,759,188        947,898
                                     -----------    -----------
      Total assets                   $30,225,119    $19,765,766
                                     ===========    ===========
                                                               
Liabilities and Stockholder's                                  
Equity
-------------------------------
                                                               
    Deposits                         $21,106,834    $14,353,876
    Borrowed funds                     5,992,623      3,376,150
    Other liabilities                    411,193        178,746
                                     -----------    -----------
                                                               
      Total liabilities               27,510,650     17,908,772
                                     -----------    -----------
                                                               
   Stockholder's equity                2,714,469      1,856,994
                                     -----------    -----------
                                                               
   Total liabilities and             $30,225,119    $19,765,766
   stockholder's equity
                                     -----------    -----------