Citizens Financial Group Announces Prime Rate Change

Rhea-AI Summary

Citizens Financial Group, Inc. (NYSE: CFG) announced an increase in its prime lending rate to 4 percent from 3.50 percent, effective May 5, 2022. This adjustment reflects the company's strategy to align with economic conditions.

As of March 31, 2022, Citizens managed $192.1 billion in assets, providing a wide array of retail and commercial banking services across 14 states and the District of Columbia.

Positive

• Increase in prime lending rate may enhance interest income.
• Managing $192.1 billion in assets showcases strong financial stability.

Negative

• Raising the prime rate could lead to reduced borrowing demand.
• Higher interest rates may affect customer sentiment and loan growth.

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 percent from 3.50 percent, effective Thursday, May 5, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220504006303/en/

Frank Quaratiello

617.543.9810

frank.quaratiello@citizensbank.com

Source: Citizens Financial Group, Inc.

FAQ

Why did Citizens Financial Group raise its prime lending rate on May 5, 2022?

Citizens Financial Group raised its prime lending rate to align with current economic conditions.

What is the new prime lending rate for Citizens Bank as of May 5, 2022?

As of May 5, 2022, Citizens Bank's prime lending rate is 4 percent.

What were Citizens Financial Group's assets as of March 31, 2022?

As of March 31, 2022, Citizens Financial Group managed assets totaling $192.1 billion.

How many states does Citizens Bank operate in?

Citizens Bank operates in 14 states and the District of Columbia.

What effect might the prime rate increase have on borrowers?

The increase in prime rate could lead to higher borrowing costs, potentially reducing demand for loans.