Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 17

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 17
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 Act.

Also, as a financial holding company, Citizens’ ability to declare and pay dividends is dependent on certain
federal regulatory considerations discussed below.

The Series I Preferred Stock will be effectively subordinated to the obligations of our subsidiaries.

We are a financial holding company and conduct substantially all of our operations through our subsidiaries.
Our right to receive any assets of any of our subsidiaries upon their liquidation, reorganization or otherwise, and thus the ability of a holder of Depositary Shares representing interests in the Series I Preferred Stock to benefit indirectly from
such distribution, will be subject to the prior claims of the subsidiaries’ creditors, including the depositors of CBNA. Even if we were a creditor of any of our subsidiaries, our rights as a creditor would be subordinate to any security
interest in the assets of those subsidiaries and any indebtedness of those subsidiaries senior to that held by us.

Additional issuances of preferred stock or securities convertible into preferred stock may dilute the ownership of existing holders of the Series I Preferred Stock.

We may, in the future, determine that it is advisable, or we may encounter circumstances where we determine it is necessary, to issue
additional shares of preferred stock, securities convertible into, exchangeable

S-8

for or that represent an interest in preferred stock, or preferred stock-equivalent securities. Our board of directors is authorized to cause us to issue one or more classes or series of
preferred stock from time to time without any action on the part of the stockholders, including issuing additional shares of Series I Preferred Stock and related Depositary Shares. Our board of directors also has the power, without stockholder
approval, to set the terms of any such classes or series of preferred stock that may be issued. Though the approval of holders of the Depositary Shares representing interests in the Series I Preferred Stock will be needed to authorize, create, or
increase the authorized amount of, any equity security ranking senior to the Series I Preferred Stock, if we issue preferred stock in the future that has preference over the Series I Preferred Stock with respect to the payment of dividends or upon
liquidation, or if we issue preferred stock with voting rights that dilute the voting power of the Series I Preferred Stock and therefore the related Depositary Shares, the rights of holders of the Depositary Shares representing interests in the
Series I Preferred Stock or the market price of the Depositary Shares could be adversely affected. The market price of the Depositary Shares could decline as a result of these other offerings, as well as other sales of