Citizens Financial Group Announces Prime Rate Change
Citizens Financial Group (NYSE: CFG) has announced that its subsidiary, Citizens Bank, will reduce its prime lending rate by 25 basis points, from 7.75% to 7.50%. The new rate will take effect on Thursday, December 19, 2024. This adjustment in the prime rate, which serves as a benchmark for various consumer and commercial loan products, reflects changes in the broader interest rate environment.
Citizens Financial Group (NYSE: CFG) ha annunciato che la sua filiale, Citizens Bank, ridurrà il suo tasso d'interesse principale di 25 punti base, passando dal 7,75% al 7,50%. Il nuovo tasso entrerà in vigore giovedì 19 dicembre 2024. Questo adeguamento del tasso principale, che funge da riferimento per vari prodotti di prestito al consumo e commerciali, riflette i cambiamenti nell'andamento generale dei tassi d'interesse.
Citizens Financial Group (NYSE: CFG) ha anunciado que su filial, Citizens Bank, reducirá su tasa de interés preferencial en 25 puntos básicos, del 7.75% al 7.50%. La nueva tasa entrará en vigor el jueves 19 de diciembre de 2024. Este ajuste en la tasa preferencial, que sirve como referencia para varios productos de préstamos al consumo y comerciales, refleja cambios en el entorno de tasas de interés más amplio.
시민 금융 그룹 (NYSE: CFG)는 자회사 시민은행이 기준 대출 금리를 25bp 인하하여 7.75%에서 7.50%로 조정한다고 발표했습니다. 새로운 금리는 2024년 12월 19일 목요일부터 적용됩니다. 소비자 및 상업 대출 상품의 기준이 되는 이 기준 금리 조정은 보다 넓은 금리 환경의 변화를 반영합니다.
Citizens Financial Group (NYSE: CFG) a annoncé que sa filiale, Citizens Bank, réduira son taux d'intérêt de base de 25 points de base, passant de 7,75 % à 7,50 %. Ce nouveau taux entrera en vigueur le jeudi 19 décembre 2024. Cet ajustement du taux de base, qui sert de référence pour divers produits de prêts aux consommateurs et aux entreprises, reflète les changements dans l'environnement général des taux d'intérêt.
Citizens Financial Group (NYSE: CFG) hat bekannt gegeben, dass ihre Tochtergesellschaft, die Citizens Bank, ihren Hauptzinskurs um 25 Basispunkte von 7,75 % auf 7,50 % senken wird. Der neue Zinssatz tritt am Donnerstag, den 19. Dezember 2024 in Kraft. Diese Anpassung des Hauptzinssatzes, der als Benchmark für verschiedene Verbraucher- und Geschäftsdarlehen dient, spiegelt Veränderungen im umfassenderen Zinsumfeld wider.
- Lower prime rate could stimulate loan demand and business activity
- Reduced borrowing costs for existing variable-rate loan customers
- Potential reduction in net interest margin and interest income
- Lower lending profitability on new and variable-rate loans
Insights
This prime rate reduction of
The timing aligns with broader market expectations of a gradual easing cycle, suggesting CFG is positioning itself for a shifting rate environment. While lower rates typically compress banking margins, the potential increase in loan volume could help offset some pressure on interest income. The move signals the start of a transition period where banks must carefully balance asset yields against deposit costs to maintain profitability.
The prime rate adjustment reflects CFG's strategic response to the evolving monetary policy landscape. For context, prime rate changes directly affect the bank's
From a competitive standpoint, this move maintains CFG's alignment with industry peers and preserves its market position in key lending segments. The bank's robust capital position, with a CET1 ratio above
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with
View source version on businesswire.com: https://www.businesswire.com/news/home/20241218215366/en/
Media:
Courtney Robinson
Corporate Communications Director
Courtney.A.Robinson@citizensbank.com
Source: Citizens Financial Group, Inc.
FAQ
What is the new prime rate for Citizens Financial Group (CFG) as of December 19, 2024?
How much did Citizens Financial Group (CFG) decrease its prime rate?
When will CFG's new prime rate take effect?
How will CFG's prime rate decrease affect borrowers?
