STOCK TITAN

Citizens Financial Group Announces Prime Rate Change

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Citizens Financial Group, Inc. (NYSE: CFG) announced a rise in its prime lending rate from 4 percent to 4.75 percent, effective Thursday, June 16, 2022. This change reflects the bank's response to prevailing economic conditions and aims to maintain competitiveness in the lending market. As of March 31, 2022, the company reported $192.1 billion in assets, solidifying its status as one of the nation's largest financial institutions. Citizens offers a variety of banking products and services to a diverse clientele across the U.S.

Positive
  • Prime lending rate increased to 4.75%, improving interest income potential.
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 4.75 percent from 4 percent, effective Thursday, June 16, 2022.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $192.1 billion in assets as of March 31, 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 approximately 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.

Frank Quaratiello

617.543.9810

frank.quaratiello@citizensbank.com

Source: Citizens Financial Group, Inc.

FAQ

What is the new prime lending rate set by Citizens Financial Group?

The new prime lending rate set by Citizens Financial Group is 4.75 percent.

When did Citizens Bank raise its prime lending rate?

Citizens Bank raised its prime lending rate on Thursday, June 16, 2022.

What is the significance of the prime lending rate increase for CFG investors?

The increase in the prime lending rate can enhance interest income, potentially benefiting CFG investors.

What were the total assets of Citizens Financial Group as of March 31, 2022?

As of March 31, 2022, Citizens Financial Group reported total assets of $192.1 billion.

Citizens Financial Group, Inc.

NYSE:CFG

CFG Rankings

CFG Latest News

CFG Stock Data

19.39B
437.20M
0.69%
97.71%
2.78%
Banks - Regional
State Commercial Banks
Link
United States of America
PROVIDENCE