Citizens Financial Group Announces Prime Rate Change

Rhea-AI Summary

Citizens Financial Group, Inc. has raised its prime lending rate from 4.75% to 5.50%, effective July 28, 2022. This adjustment reflects current market conditions and aims to align with the Federal Reserve's monetary policy. Citizens Bank, a part of Citizens Financial Group, serves a diverse clientele, offering various retail and commercial banking services. As of June 30, 2022, the company reported $226.7 billion in assets, underscoring its significant presence in the financial sector.

Positive

• Increase in prime lending rate may indicate confidence in economic recovery.
• Total assets of $226.7 billion signify strong financial stability.

Negative

• Higher lending rates could lead to decreased loan demand from consumers and businesses.

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 5.50 percent from 4.75 percent, effective Thursday, July 28, 2022.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. 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 full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,200 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/20220727006120/en/

Frank Quaratiello

frank.quaratiello@citizensbank.com

617.543.9810

Source: Citizens Financial Group, Inc.

FAQ

What is the new prime lending rate for Citizens Financial Group as of July 28, 2022?

The new prime lending rate for Citizens Financial Group is 5.50%.

When did Citizens Financial Group raise its prime lending rate?

Citizens Financial Group raised its prime lending rate on July 28, 2022.

What is the significance of Citizens Financial Group's prime lending rate increase?

The increase reflects market conditions and aligns with Federal Reserve policies, potentially impacting loan demand.

What are the total assets of Citizens Financial Group as of June 30, 2022?

As of June 30, 2022, Citizens Financial Group reported total assets of $226.7 billion.

How does the prime lending rate affect borrowers?

An increased prime lending rate typically raises borrowing costs, which can reduce loan demand.