Market Pulse
Citizens Financial Group to stop originating indirect auto loan business on July 1, but will service existing loans
Citizens Financial Group Inc. (CFG) said Wednesday it will stop originating indirect auto loans to car dealers as of July 1 as part of an effort to "optimize" its balance sheet and increase its focus on relationship-based lending. The bank will continue to service existing auto loans. "This decision further enables us to lend in areas that provide better risk adjusted returns and improved opportunities to deepen relationships with our customers," said Eric J. Schuppenhauer, head of consumer lending, in a statement. Citizens Financial stock is up 0.1% on Wednesday.
-Steve Gelsi
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(END) Dow Jones Newswires
June 07, 2023 10:56 ET (14:56 GMT)
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