Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 15

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 15
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 “Underwriting (Conflicts of Interest)—Conflicts of Interest.”                                                                                                                                             |

| Risk Factors: | Investing in the Depositary Shares representing interests in the Series I Preferred Stock involves risks. You should consider carefully all of the information in this prospectus supplement and any applicable final term sheet. In particular, 
 you should consider carefully the risk factors described in “Risk Factors” beginning on page S-8 of this prospectus supplement and on page 21 of our 2024 Form 10-K and incorporated by reference                                                
 herein before purchasing any Depositary Shares.                                                                                                                                                                                                  |

S-7

RISK FACTORS

An investment in the Depositary Shares involves certain risks. You should carefully consider the risks related to the Depositary Shares and the Series I Preferred Stock described below, the risk factors included 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, before making an investment decision. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. This prospectus supplement also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks related to the Depositary Shares and faced by us described below and elsewhere in this prospectus supplement and the accompanying prospectus.

You are making an investment decision with regard to the Depositary Shares as well as the Series I Preferred Stock.

As described in this prospectus supplement
and the accompanying prospectus, we are issuing Depositary Shares representing fractional interests in shares of Series I Preferred Stock. Accordingly, the depositary will rely on the payments it receives on the Series I Preferred Stock to fund all
payments on the Depositary Shares. You should carefully review the information in this prospectus supplement and the accompanying prospectus regarding both of these securities before making an investment decision.

The Series I Preferred Stock is equity and is subordinate to our existing and future indebtedness.

The shares of Series I Preferred Stock are equity interests in Citizens and do not constitute indebtedness. As such, the Series I Preferred
Stock and the related Depositary Shares will rank junior to all indebtedness and other non-equity claims on Citizens with respect to assets available to satisfy claims on Citizens, including in a liquidation
of Citizens. Additionally, unlike indebtedness, where principal and interest would customarily be payable on specified due dates, in the case of preferred stock like the Series I Preferred Stock