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Charter One Bank stands to benefit from Royal Bank of Scotland Group's efforts to boost its U.S. operations, which include Charter One.
In its annual report filed March 1, RBS said its U.S. earnings for 2006 were up just 2% from 2005, an increase that trailed its 9.5% earnings growth overall. The lagging gains in this country have led RBS executives to begin enhancing such areas as its customer rewards program and corporate banking side in an attempt to lift the company's U.S. profits.
Edward "Ned" Handy, president of Charter One's Ohio operations, isn't complaining. His bank, which was acquired in 2004 by RBS-owned Citizens Financial Group, has benefited greatly already from the added resources that came with the RBS deal. Now, with RBS looking to put more emphasis on its U.S. operations, Charter One could reap even greater rewards.
"The most critical thing I'd say is we have a great parent that Supports us in our business decision to deliver locally, " Mr. Handy said.
One area that has been expanded is Charter One's Everyday Points Program. The bank in early March added a feature that...