Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 2

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 2
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 of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

|                                                              |     | Per Depositary 
 Share          |     | Total |
|:-------------------------------------------------------------|:----|:---------------|:----|:------|
| Initial Public Offering Price(1)                             |     | $              |     | $     |
| Underwriting Discount(2)                                     |     | $              |     | $     |
| Proceeds, Before Expenses, to Citizens Financial Group, Inc. |     | $              |     | $     |

| (1) | The initial public offering price set forth above does not include dividends, if any, that may be declared.             
 Dividends, if declared, will be calculated from the date of original issuance, which is expected to be July     , 2025. |

| (2) | Reflects    Depositary Shares sold to institutional investors, for which the                                                                                                                   
 underwriters receive an underwriting discount of $    per Depositary Share, and     Depositary Shares sold to retail investors, for which the underwriters receive an underwriting discount of 
 $    per Depositary Share, assuming no exercise of the underwriters’ over-allotment option described below.                                                                                    |

We have granted the underwriters the option to purchase up to an additional Depositary Shares from us within 30 days after the date of this prospectus supplement at the public offering price, less the applicable underwriting discounts and commissions, solely to cover overallotments, if any. The underwriters expect to deliver the Depositary Shares in book-entry form only through the facilities of The Depository Trust Company against payment in New York, New York on July , 2025. Beneficial interests in the Depositary Shares will be shown on, and transfers thereof will be effected only through, records maintained by The Depository Trust Company and its direct and indirect participants, including Clearstream Banking S.A. (“ Clearstream”) and Euroclear Bank S.A./N.V. (“ Euroclear”). Joint Book-Running Managers

| Morgan Stanley      |     | BofA Securities        |     | J.P. Morgan              |
| UBS Investment Bank |     | Wells Fargo Securities |     | Citizens Capital Markets |

Prospectus Supplement dated July ,