Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 24

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 24
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 the 30-day period after the original issue date. Even if the Depositary Shares are listed, there may be little or no secondary market for the Depositary Shares. Even if a secondary market for the
Depositary Shares develops, it may not provide significant liquidity and transaction costs in any secondary market could be high. The underwriters have advised us that they intend to make a market in the Depositary Shares; however, they are not
obligated to do so and may discontinue any market making in the Depositary Shares at any time in their sole discretion. Therefore, we cannot assure you that a liquid trading market for the Depositary Shares will develop, that you will be able to
sell your Depositary Shares at a particular time or that the price you receive when you sell will be favorable.

Neither the Series I Preferred Stock nor the Depositary Shares are insured or guaranteed by the FDIC.

Neither the Series I Preferred Stock nor the
Depositary Shares are savings accounts, deposits or other obligations of any of our bank or non-bank subsidiaries, and they are not insured by the FDIC or any other governmental agency or instrumentality.

S-13

USE OF PROCEEDS

We expect to receive net proceeds from this offering of approximately $ , or approximately
$ million if the underwriters exercise their over-allotment option in full, in each case after expenses and the underwriting discount. We intend to use the net proceeds to redeem some or all outstanding shares of the
Series F Preferred Stock.

S-14

DESCRIPTION OF THE SERIES I PREFERRED STOCK

The depositary will be the sole holder of the Series I % Fixed-Rate Reset Noncumulative Perpetual Preferred Stock (the “Series I Preferred Stock”), as described under “Description of Depositary Shares” below, and all references in this prospectus supplement to the holders of the Series I Preferred Stock shall mean the depositary. However, holders of the depositary shares will be entitled through the depositary to exercise the rights and preferences of the Series I Preferred Stock, as described under “Description of Depositary Shares.”

The following is a brief description of the material terms of the Series I Preferred Stock. The following summary of the terms and provisions of the Series I Preferred Stock does not purport to be complete in all respects, and is qualified in its entirety by reference to the pertinent sections of our amended and restated certificate of incorporation, including the certificate of designations creating the Series I Preferred Stock, copies of which are available upon request from us