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Citizens Financial Group Announces Prime Rate Change
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Rhea-AI Summary
Citizens Financial Group, Inc. (NYSE: CFG) has increased its prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This change comes as the financial institution continues to cater to its diverse client base, offering a wide range of banking products and services. As of September 30, 2022, Citizens Financial Group boasted assets totaling $224.7 billion, demonstrating its significant presence in the industry.
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Increase in prime lending rate could lead to higher borrowing costs for customers, potentially affecting loan demand.
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 7.00 percent from 6.25 percent, effective Thursday, November 3, 2022.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $224.7 billion in assets as of September 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 3,400 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.
