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

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 25
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ary 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 $393 million 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 6.500% 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, and the applicable provisions of the Delaware General Corporation Law.

General

Under ouramended and restated certificate of incorporation, we have authority to issue up to 100,000,000 shares of preferred stock, par value $25.00 per share. Our board of directors is authorized without further stockholder action to cause the issuance
of shares of preferred stock, including the Series I Preferred Stock. As of the date hereof, there are 300,000 shares of Series B Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per
share (the “Series