Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 19

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 19
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 the Series I Preferred Stock may be redeemed by Citizens prior to the dividend payment date
on October 6, 2030 upon the occurrence of certain events involving the capital treatment of the Series I Preferred Stock. In particular, upon Citizens’ determination in good faith that an event has occurred that would constitute a
Regulatory Capital Treatment Event (as defined herein), Citizens may, at its option at any time within 90 days following such Regulatory Capital Treatment Event, redeem in whole but not in part the Series I Preferred Stock, subject to regulatory
approval. See “Description of the Series I Preferred Stock—Redemption.”

S-9

If a Regulatory Capital Treatment Event occurs, Citizens would have the right, subject to
regulatory approval, to redeem the Series I Preferred Stock in accordance with its terms prior to the dividend payment date on October 6, 2030 at a redemption price equal to $1,000 per share of Series I Preferred Stock (equivalent to $25 per
Depositary Share), plus any declared and unpaid dividends.

Dividends on the Series I Preferred Stock will be discretionary and non-cumulative,and may not be paid if such payment will result in our failure to comply with all applicable laws and regulations.

Dividends on the Series I Preferred Stock will be discretionary and non-cumulative. Consequently, if
our board of directors (or any duly authorized committee of the board) does not authorize and declare a dividend on the Series I Preferred Stock for any dividend period, holders of the Depositary Shares representing interests in the Series I
Preferred Stock will not be entitled to receive any dividend for that dividend period, and the unpaid dividend will cease to accrue or be payable. We will have no obligation to pay dividends accrued for a dividend period after the dividend payment
date for that period if our board of directors (or any duly authorized committee thereof) has not declared a dividend before the related dividend payment date, whether or not dividends on the Series I Preferred Stock or any other series of our
preferred stock or our common stock are declared for any future dividend period.

In addition, if and to the extent payment of dividends
on Series I Preferred Stock for any dividend period would cause us to fail to comply with any applicable law or regulation, we will not declare or pay a dividend for such dividend period. In such a case, holders of the Depositary Shares representing
interests in the Series I Preferred Stock will not be entitled to receive any dividend for that dividend period, and the unpaid dividend will cease to