BOSTON - With Chinese New Year fast approaching, Citizens Bank is making it more convenient for its Chinese customers in the United States to send money home through a new remittance service offered in collaboration with Bank of China. Remittance plus enables any Citizens customer with a checking account to safely and securely transfer up to $1,000 per day to any account in China for a $10 fee through Chinese New Year, February 18, 2007. For added convenience, China Mobile and China Unicom customers who are receiving funds are able to receive free instant notification messages sent via Chinese short message service (SMS) to their cell phones as soon as the transaction is processed.

�gCitizens Bank is pleased to introduce Remittance plus to our Chinese customers in the U.S,�h said Robert E. Smyth, Chairman, President and CEO of Citizens Bank of Massachusetts. �gThe Chinese community is a growing segment of our nation�fs population and Citizens is committed to serving the needs of its diverse customer-base. We will continue to leverage our relationship with Bank of China in order to develop the products and services we need to become the bank of choice for the nearly one million Chinese living, working and studying in the U.S. markets we serve.�h

"Bank of China is proud to work with Citizens Bank to deliver this remittance service to the Chinese community,�h said Xiaojing Li, general manager, Bank of China USA. �gBank of China is China�fs second-largest bank and has the most international offices of any Chinese bank. We began serving the U.S. market more than a quarter-century ago. We look forward to future collaborations with Citizens that combine our resources and our shared commitment to convenience as we create value-added products and services for our retail and commercial customers.�h

Bank of China processes thousands of Chinese remittance transactions every day from its two offices in New York City. The Chinese remittance market is estimated at $22.5 billion. Citizens�f new remittance service expands opportunities for Chinese living in the U.S. to send funds home by making the service available at its more than 1,600 Citizens and Charter One branches in its 13-state footprint.

With Remittance plus, Citizens individual and business customers with checking accounts can safely and securely transfer up to $1,000 per day to any account in China for a $10 fee from any Citizens or Charter One branch. A $30 fee will be assessed for transactions of more than $1,000. Customers who want to notify recipients of the remittance must provide Citizens with the recipient�fs China Mobile or China Unicom cell phone number. Using technology exclusive to Citizens through its relationship with Bank of China, fund recipients will be provided instant SMS of the remittance notification on their cell phones as soon as the remittance transaction is processed. China Mobile is China�fs largest wireless carrier, while China Unicom is the nation�fs second-largest. Combined, these companies serve nearly 380 million customers in China, where there are more than 450 million cell phone subscribers, compared to 220 million in the U.S.

Citizens is promoting the new service at select branches throughout its footprint, where the bank estimates there are nearly a million Chinese residents, expatriates and students. These branches are providing free red envelopes to customers in recognition of Chinese New Year, February 18, 2007. It is a Chinese tradition during the New Year celebration to provide red envelopes filled with money to family, friends, loved-ones and others. As part of the promotion, Citizens also will make free Chinese calendars available to customers at these select branches.

�gAs the number of Chinese living, working and studying in the U.S. increases, the demand for safe, reliable and convenient remittance service also is increasing,�h said Jun Wang, President of New England Chinese Information and Networking Association. �gRemittance plus is being introduced to the Chinese community in the U.S. just in time for Chinese New Year, when, beginning this month, billions of dollars will be sent back home to family, friends and loved ones. To that end, Citizens�f product is not only well-timed, it also is well conceived. Recipients of remittance in China undoubtedly will appreciate the convenience this product affords them through instant SMS notification.�h

In August 2005, RBS, Citizens�f parent company, led a consortium to purchase a 10 percent stake in Bank of China for $3.1 billion with RBS investing $1.6 billion. Alongside the investment, RBS and Bank of China agreed exclusivity in credit cards, wealth management and insurance and close working relationships in key operational areas including risk, governance, financial management and information technology.

About Citizens Bank of Massachusetts Citizens Bank of Massachusetts is a $37 billion bank with 264 branches and 625 ATMs stretching from greater Boston to Cape Cod and the Berkshires. It is headquartered at 28 State Street in Boston. It is a subsidiary of Citizens Financial Group, Inc., a $164 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,200 ATMs and 26,000 employees in a 13-state retail branch network and has non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth in assets as of March 31, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc). Citizens�f Web site is citizensbank.com.