Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 48

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 48
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 Shares” section of this prospectus supplement.

General

This prospectus
supplement summarizes specific terms and provisions of the depositary shares relating to our Series I Preferred Stock. As described above under “Description of the Series I Preferred Stock”, we are issuing fractional interests in shares of
the Series I Preferred Stock in the form of the Depositary Shares. Each Depositary Share will represent a 1/40 ownership interest in a share of the Series I Preferred Stock, and will be
evidenced by a depositary receipt. We will deposit the underlying shares of the Series I Preferred Stock represented by the Depositary Shares with a depositary pursuant to a deposit agreement among us, Computershare Inc. and its wholly-owned
subsidiary Computershare Trust Company, N.A., jointly acting as depositary, and the holders from time to time of the depositary receipts. Subject to the terms of the deposit agreement, each holder of a Depositary Share will be entitled to all the
rights and preferences of the shares of Series I Preferred Stock (including dividend, voting, redemption and liquidation rights) in proportion to the applicable fraction of a share of Series I Preferred Stock represented by such Depositary Share.

Immediately following issuance of the Series I Preferred Stock, we will deposit the Series I Preferred Stock with the depositary, which
will then issue the Depositary Shares to the underwriters. Copies of the forms of deposit agreement and the depositary receipt may be obtained from us upon request and in the manner described under “Where You Can Find More Information”
above.

Dividends and Other Distributions

Each dividend on a Depositary Share will be in an amount equal to 1/40 of the dividend
declared on each share of the Series I Preferred Stock.

The depositary will distribute all dividends and other cash distributions
received on the Series I Preferred Stock to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder. In the event of a distribution other than in cash, the depositary will distribute
property received by it to the holders of record of the Depositary Shares in proportion to the number of Depositary Shares held by each holder, unless the depositary determines that this distribution is not feasible, in which case the depositary
may, with our approval, adopt a method of distribution that it deems equitable and practicable, including the sale of the property and distribution of the net proceeds from that sale to the holders of the Depositary Shares.

Record dates