Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 69

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 69
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 the underwriters receive an underwriting discount of 
 $    per Depositary Share.                                                                                                                                                                    |

| (2) | Assumes Depositary Shares sold to retail investors, for which the underwriters receive an underwriting discount                                                                                        
 of $    per Depositary Share. To the extent Depositary Shares are sold to institutional investors, for which the underwriters receive an underwriting discount of $    per depositary share, the total 
 underwriting discount will be less than the total shown above.                                                                                                                                         |

We estimate that our share of the total expenses of the offering, excluding the underwriting discount, will be approximately $ . New Issue of Securities The Series I Preferred Stock and the Depositary Shares are new issues of securities with no established trading market. Application will be made to list the Depositary Shares on the New York Stock Exchange under the symbol “CFG PfI.” If approved for listing, we expect trading of the Depositary Shares on the New York Stock Exchange to begin within the 30-dayperiod after the original issue date. Some or all of the underwriters have advised us that they presently intend to make a market in the shares after the completion of the offering. However, they are under no obligation to do so and may discontinue any market-making activities at any time without notice. There is currently no secondary market for the Depositary Shares and we cannot assure you that one will develop, even if the Depositary Shares are approved for listing. If the secondary market for the Depositary Shares is limited, there may be few or no buyers if you choose to sell your shares and this may reduce the price you receive or your ability to sell the shares at all. See “Risk Factors—The shares of Series I Preferred Stock and the related Depositary Shares may not have an active trading market.” No Sales of Similar Securities We have agreed that we will not, for the 30 day period from the date of this prospectus supplement, without first obtaining the prior written consent of the representatives, directly or indirectly, issue, sell, offer to contract or grant any option to sell, pledge, transfer or otherwise dispose of, any preferred stock or securities exchangeable for or convertible into preferred stock, except for the shares of Series I Preferred Stock related to the Depositary Shares sold to the underwriters pursuant to the underwriting agreement. Short Positions In connection with the offering, the underwriters may purchase and sell the Depositary Shares in the open market