Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 16

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 16
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 Shares.                                                                                                                                                                                                  |

S-7

RISK FACTORS

An investment in the Depositary Shares involves certain risks. You should carefully consider the risks related to the Depositary Shares and the Series I Preferred Stock described below, the risk factors included in our 2024 Form 10-K,as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, before making an investment decision. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. This prospectus supplement also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks related to the Depositary Shares and faced by us described below and elsewhere in this prospectus supplement and the accompanying prospectus.

You are making an investment decision with regard to the Depositary Shares as well as the Series I Preferred Stock.

As described in this prospectus supplement
and the accompanying prospectus, we are issuing Depositary Shares representing fractional interests in shares of Series I Preferred Stock. Accordingly, the depositary will rely on the payments it receives on the Series I Preferred Stock to fund all
payments on the Depositary Shares. You should carefully review the information in this prospectus supplement and the accompanying prospectus regarding both of these securities before making an investment decision.

The Series I Preferred Stock is equity and is subordinate to our existing and future indebtedness.

The shares of Series I Preferred Stock are equity interests in Citizens and do not constitute indebtedness. As such, the Series I Preferred
Stock and the related Depositary Shares will rank junior to all indebtedness and other non-equity claims on Citizens with respect to assets available to satisfy claims on Citizens, including in a liquidation
of Citizens. Additionally, unlike indebtedness, where principal and interest would customarily be payable on specified due dates, in the case of preferred stock like the Series I Preferred Stock (1) dividends are payable only if declared by our
board of directors (or a duly authorized committee of the board)and (2) as a corporation, we are subject to restrictions on payments of dividends and any redemption price out of lawfully available funds. In addition, the Series I
Preferred Stock may be fully subordinate to interests held by the U.S. government in the event of a receivership, insolvency, liquidation, or similar proceeding, including a proceeding under the “orderly liquidation authority” provisions
of the Dodd-Frank