Citizens Financial Group Announces Prime Rate Change

Rhea-AI Summary

Citizens Financial Group, Inc. (NYSE: CFG) has raised its prime lending rate to 7.50 percent from 7.00 percent, effective December 15, 2022. This decision reflects adjustments in response to economic conditions and market demands. As of September 30, 2022, Citizens Financial Group reported $224.7 billion in assets, marking it as one of the largest financial institutions in the U.S. Citizens Bank offers a range of services, including retail and commercial banking across 14 states and the District of Columbia.

Positive

• Citizens Financial Group holds substantial assets of $224.7 billion, indicating financial strength.

Negative

• Raising the prime lending rate could lead to decreased borrowing by consumers and businesses, potentially affecting future revenue.

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 7.50 percent from 7.00 percent, effective Thursday, December 15, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221214005998/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?

The new prime lending rate is 7.50 percent, raised from 7.00 percent.

When did Citizens Financial Group raise its prime lending rate?

The prime lending rate was raised effective December 15, 2022.

What assets does Citizens Financial Group have?

Citizens Financial Group has reported $224.7 billion in assets as of September 30, 2022.

In how many states does Citizens Bank operate?

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