Company: CFG-PE
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001193125-25-162273
Chunk: 1

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-22
Form: 424B2
Chunk 1
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 will be non-cumulative.In the event dividends are not declared on Series I Preferred Stock for payment on any dividend payment date, then those dividends will not be cumulative and will not accrue or be payable, and if we have not declared a dividend before the dividend payment date for any dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Series I Preferred Stock are declared for any future dividend period. We may, at our option, redeem the Series I Preferred Stock (i) in whole or in part, from time to time, on any dividend payment date on or after October 6, 2030, or (ii) in whole but not in part, at any time within 90 days following a Regulatory Capital Treatment Event (as defined herein), in each case at a redemption price of $1,000 per share (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends to, but excluding, the date fixed for redemption, without accumulation of any undeclared dividends. If we redeem the Series I Preferred Stock, the depositary will redeem a proportionate number of Depositary Shares. The Series I Preferred Stock will not have voting rights, except as set forth under “Description of the Series I Preferred Stock—Voting Rights” beginning on page S-22. Application will be made to list the Depositary Shares on the New York Stock Exchange under the symbol “CFG PfI.” If approved for listing, trading of the Depositary Shares on the New York Stock Exchange is expected to commence within a 30-dayperiod after the initial delivery of the Depositary Shares. Neither the Series I Preferred Stock nor the Depositary Shares are savings accounts, deposits or other obligations of any of our bank or non-banksubsidiaries, and they are not insured by the Federal Deposit Insurance Corporation (the “ FDIC”) or any other governmental agency or instrumentality. Investing in the Depositary Shares involves risk. See “ Risk Factors” beginning on page S-8 of this prospectus supplement and on page 21 of our Annual Report on Form 10-Kfor the year ended December 31, 2024 (the “ 2024 Form 10-K ”) to read about factors you should consider before making a decision to invest in the Depositary Shares. Neither the Securities and Exchange Commission (the “ SEC ”), any state securities commission, the FDIC, the Board of Governors of the Federal Reserve System nor any other regulatory body has approved or disapproved