Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 96

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 96
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, but such
underwriters will not be obligated to do so and may discontinue any market making at any time without notice. The securities, other than the common stock, may or may not be listed on a national securities exchange.

Conflicts of Interest

Citizens JMP
Securities, LLC, a broker-dealer registered with the Financial Industry Regulatory Authority, Inc. (“FINRA”), is a wholly-owned subsidiary of Citizens Financial Group, Inc. and is therefore deemed to have a “conflict of interest”
under Rule 5121 of FINRA. Any offering made by means of this prospectus in which Citizens JMP Securities, LLC participates will comply with the requirements of FINRA Rule 5121 regarding a FINRA member firm’s participation in the distribution of
securities of an affiliate. In accordance with Rule 5121, Citizens JMP Securities, LLC will not make sales in any such offering to any discretionary account without the prior written approval of the customer.

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VALIDITY OF SECURITIES

The validity of the securities in respect of which this prospectus is being delivered will be passed on for us by Sullivan & Cromwell
LLP.

EXPERTS

The consolidated financial statements of Citizens Financial Group, Inc. incorporated by reference herein, and the effectiveness of Citizens
Financial Group, Inc.’s internal control over financial reporting have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements are
incorporated by reference in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.

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Citizens Financial Group, Inc. 16,000,000 Depositary Shares, Each Representing a 1/40 thInterest in a Share of 6.500% Fixed-Rate Reset Non-CumulativePerpetual Preferred Stock, Series I Joint Book-Running Managers

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

Co-Managers

| Drexel Hamilton |     | Mizuho |     | RBC Capital Markets |     | TD Securities |