Citizens Financial Group Announces Prime Rate Change

Rhea-AI Summary

Citizens Financial Group, Inc. has announced an increase in its prime lending rate from 3.25 percent to 3.50 percent, effective March 17, 2022. This adjustment reflects banking trends and influences lending practices. Citizens Bank offers a diverse range of financial products and services aimed at various customer segments, and had $188.4 billion in assets as of December 31, 2021.

Positive

• Prime lending rate increased to 3.50%, indicating potential for improved net interest margins.
• Citizens Financial Group reported $188.4 billion in assets as of December 31, 2021, showing strong financial position.

Negative

• None.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG) announced today that Citizens Bank, N.A. has raised its prime lending rate to 3.50 percent from 3.25 percent, effective Thursday, March 17, 2022.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of December 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of nearly 3,000 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316006077/en/

Frank Quaratiello

617.543.9810

frank.quaratiello@citizensbank.com

Source: Citizens Financial Group, Inc.

FAQ

What is the new prime lending rate for Citizens Financial Group as of March 2022?

The new prime lending rate is 3.50 percent, effective March 17, 2022.

How much in assets did Citizens Financial Group report at the end of 2021?

Citizens Financial Group reported $188.4 billion in assets as of December 31, 2021.

What impact does raising the prime lending rate have on borrowers?

Raising the prime lending rate typically increases borrowing costs for customers.

When did Citizens Financial Group announce the increase in its prime lending rate?

The announcement regarding the rate increase was made on March 16, 2022.

What services does Citizens Bank offer?

Citizens Bank offers retail and commercial banking products and services, including loans, savings, and wealth management.