Citizens Financial Group Announces Prime Rate Change

Rhea-AI Summary

Citizens Financial Group, Inc. (NYSE: CFG) announced a raise in its prime lending rate from 7.50% to 7.75%, effective February 2, 2023. This decision reflects the current economic landscape and interest rate adjustments in the financial sector. As of December 31, 2022, the company held $226.7 billion in assets, positioning it among the largest financial institutions in the U.S. Citizens offers a wide array of banking products and services via approximately 1,100 branches and 3,400 ATMs across 14 states and the District of Columbia.

Positive

• Prime lending rate increased to 7.75%, indicating potential for higher lending revenues.

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• 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 7.75 percent from 7.50 percent, effective Thursday, February 2, 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/20230201006062/en/

Frank Quaratiello

617.543.9810

frank.quaratiello@citizensbank.com

Source: Citizens Financial Group, Inc.

FAQ

What is the new prime lending rate for Citizens Financial Group as of February 2023?

The new prime lending rate for Citizens Financial Group is 7.75%, effective February 2, 2023.

How much in assets does Citizens Financial Group hold as of December 2022?

As of December 31, 2022, Citizens Financial Group holds $226.7 billion in assets.

How many branches does Citizens Financial Group operate?

Citizens Financial Group operates approximately 1,100 branches.

What services does Citizens Financial Group offer?

Citizens Financial Group offers a broad range of retail and commercial banking products and services.

In which states does Citizens Financial Group have a presence?

Citizens Financial Group has a presence in 14 states and the District of Columbia.