EDINBURGH — Royal Bank of Scotland Group Plc, parent of Providence-based Citizens Financial Group, plans to buy part of Mellon Financial Corp.’s consumer- banking unit for about $2.1 billion, according to a report by Bloomberg.
The deal would double the size of Royal Bank of Scotland’s branch network in the U.S., adding more than 300 branches in Pennsylvania and New Jersey, the report said. The report referred to sources of the information only as “people familiar with the companies.”
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Royal Bank of Scotland’s U.S. business accounted for 8 percent of the company’s operating profit last year, the report said. The company acquired a 76.5 percent ownership stake of Citizens in 1996 when it agreed with Bank of Ireland to combine operations in the Northeast U.S. It bought the rest of Citizens in 1998 for $750 million.
