Company: CFG-PE
Filing Date: 2025-02-25
Form Type: 424B2
Source: 0001193125-25-035197
Chunk: 38

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-25
Form: 424B2
Chunk 38
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 banking institution, if after the merger or consolidation (i) we own at least 80% of the voting stock of the resulting banking institution and (ii) no default or Event of 
 Default (as hereinafter defined) under the Indenture has occurred and is continuing.                                                                                                                                                   |

This covenant also does not prohibit sales, assignments, pledges, transfers or other dispositions of voting stock of a principal subsidiary bank where:

| • |     | the sale, assignment, pledge, transfer or other disposition is made, in the minimum amount required by law, to 
 any person for the purpose of the qualification of such person to serve as a director;                         |

| • |     | the sale, assignment, pledge, transfer or other disposition is made in compliance with an order of a court or                                                                                                                             
 regulatory authority of competent jurisdiction or as a condition imposed by any such court or regulatory authority to the acquisition by us or any principal subsidiary bank, directly or indirectly, of any other corporation or entity; |

| • |     | the sale, assignment, pledge, transfer or other disposition of voting stock or any other securities convertible                                                                                                                                  
 into or rights to subscribe to voting stock of a principal subsidiary bank as long as (a) such transaction is made for fair market value as determined by our board of directors or the board of directors of the subsidiary disposing of such   
 voting stock or securities and (b) after giving effect to such transaction and to any potential dilution, we and our directly or indirectly wholly owned subsidiaries will own, directly or indirectly, at least 80% of the voting stock of such 
 principal subsidiary bank;                                                                                                                                                                                                                       |

| • |     | any principal subsidiary bank sells additional shares of its voting stock to shareholders at any price, so long                                                                                                      
 as immediately after such sale we will own, directly or indirectly, at least as great a percentage of the voting stock of such principal subsidiary bank as we owned prior to the sale of such additional shares; or |

| • |     | a pledge is made or a lien is created to secure loans or other extensions of credit by a principal subsidiary 
 bank subject to Section 23A of the Federal Reserve Act.                                                       |

Consolidation, Merger and Sale of Assets Under the Indenture, we may consolidate with or merge into any other corporation, association, company or business trust (“corporation”) or convey, transfer or lease our properties and assets substantially as an entirety to any person without the consent of the holders of any of the notes,