Citizens Financial Group Announces Prime Rate Change

Rhea-AI Summary

Citizens Financial Group, Inc. (NYSE: CFG) announced an increase in its prime lending rate from 7.75% to 8.00%, effective March 23, 2023. This change reflects ongoing adjustments in the financial sector and may impact borrowing costs for consumers and businesses alike. Citizens Financial Group, one of the largest financial institutions in the U.S. with $226.7 billion in assets as of December 31, 2022, offers comprehensive banking products and services across retail and commercial sectors. The decision to raise rates signals a strategic response to market conditions and evolving economic factors.

Positive

• Prime lending rate raised to 8.00%, potentially increasing interest income.
• Strong asset base of $226.7 billion as of December 31, 2022.

Negative

• Higher prime lending rates may deter borrowing activity.
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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 8.00 percent from 7.75 percent, effective Thursday, March 23, 2023.

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 December 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 3,400 ATMs and approximately 1,100 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/20230322005768/en/

Frank Quaratiello

617.543.9810

frank.quaratiello@citizensbank.com

Source: Citizens Financial Group, Inc.

FAQ

What is the new prime lending rate set by CFG?

The new prime lending rate set by Citizens Financial Group is 8.00%, effective March 23, 2023.

How does the prime rate increase affect CFG's business?

The increase in the prime rate may improve interest income but could also lead to decreased borrowing by consumers and businesses.

What are the assets of Citizens Financial Group?

Citizens Financial Group reported assets totaling $226.7 billion as of December 31, 2022.

When was the prime lending rate last raised by CFG?

The prime lending rate was last raised by Citizens Financial Group on March 23, 2023.

What is the impact of the prime lending rate on consumers?

An increase in the prime lending rate generally raises borrowing costs for consumers, which may affect loan and credit card interest rates.