Citizens looking beyond New England

LONDON (Bloomberg) — Royal Bank of Scotland Group Plc, parent of Citizens Financial Group Inc., said it’s looking for opportunities to buy banks in the U.S. as Scotland’s biggest bank tries to expand Citizens Financial beyond New England. “As you look in some of the neighboring regions, you start to see large numbers of banks and opportunities for consolidation,” Chief Executive Fred Goodwin told journalists on a conference call. “The radar screen has been turned on for some time now.” Goodwin also said he’s looking for joint ventures and alliances, rather than large acquisitions, in Europe. Profit from operations at Citizens, the second-biggest bank in New England, last year rose 35 percent to $506 million. Overall, Royal Bank of Scotland reported a 26 percent gain in 2000 net income. Goodwin said he favors expansion beyond New England rather than buying a bank within the northeastern part of the U.S. When acquisitions aren’t included, Citizens profit before goodwill amortization increased 16 percent on rising lending income and the strength of the U.S. dollar against the pound.