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Citizens Financial Group Announces Prime Rate Change
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Citizens Financial Group, Inc. (NYSE: CFG) announced an increase in its prime lending rate from 5.50% to 6.25%, effective September 22, 2022. This adjustment reflects the institution's response to changing economic conditions. Citizens Bank, N.A., part of Citizens Financial Group, continues to serve a diverse clientele, encompassing individuals and businesses through a comprehensive range of banking products and services. As of June 30, 2022, the company reported total assets of $226.7 billion.
Positive
Prime lending rate increase from 5.50% to 6.25% may improve profit margins.
Company reported assets of $226.7 billion as of June 30, 2022, indicating strong financial health.
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 6.25 percent from 5.50 percent, effective Thursday, September 22, 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.