Company: CFG-PE
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0001193125-25-035197
Chunk: 21

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-25
Form: 424B2
Chunk 21
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 and businesses;                                                             |

S-15

| • |     | Environmental risks, such as physical or transition risks associated with climate change, and social and 
 governance risks, that could adversely affect our reputation, operations, business, and customers;       |

| • |     | A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, 
 or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and       |

| • |     | Management’s ability to identify and manage these and other risks. |

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in this prospectus supplement and in our 2024 Form 10-K,as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus. S-16

USE OF PROCEEDS

The net proceeds to us from the sale of the notes, after deduction of the discount and estimated offering expenses payable by us, are
anticipated to be approximately $746 million. We intend to use the net proceeds for general corporate purposes, which may include securities repurchase programs, dividend payments, capital expenditures, working capital, repayment or reduction of
long-term and short-term debt, redemption of outstanding long-term debt, short-term debt and preferred equity securities, investing in, or extending credit to, our subsidiaries, and the financing of acquisitions. We have not identified the amounts
we will spend on any specific purpose. Accordingly, we will retain broad discretion over the use of the net proceeds.

S-17

DESCRIPTION OF THE NOTES

This prospectus supplement summarizes specific terms and provisions of the notes. The following summary of the terms and provisions of the notes does not purport to be complete and is qualified in its entirety by reference to the pertinent sections of the Indenture, including the definitions therein of certain terms. As used in this “Description of the Notes,” references to the “Company,” “we,” “us,” “our,” and “CFG” refer to Citizens Financial Group, Inc. and not its subsidiaries.

General

The notes are to
be issued under a senior indenture dated October 28, 2015 (the “Base Indenture”), between us and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a supplemental indenture (the “Tenth
Supplemental Indenture”) dated as