Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 69

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 69
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 in whole or in part. Underwriting Discounts The underwriters have advised us that they propose initially to offer the Depositary Shares to the public at the public offering price set forth on the cover page of this prospectus supplement and to certain dealers at such price less a concession not in excess of $0.15 per Depositary Share sold to institutional investors and $0.50 per Depositary Share sold to retail investors. After the initial offering, the public offering price, the concession or any other term of the offering may be changed. The underwriting fee is equal to the public offering price per share less the amount paid by the underwriters to us per Depositary Share. The following table shows the per Depositary Share and total underwriting discounts to be paid to the underwriters.

| Per Depositary Share(1) |     | $ |       0.3487 | -2 |
| Total(1)                |     | $ | 5,579,175.00 |    |

| (1) | Reflects 13,062,000 Depositary Shares sold to institutional investors, for which the underwriters receive an                                                                                                  
 underwriting discount of $0.2500 per Depositary Share, and 2,938,000 Depositary Shares sold to retail investors, for which the underwriters receive an underwriting discount of $0.7875 per Depositary Share. |

| (2) | Rounded to four decimal places. See footnote (1). |

S-42

We estimate that our share of the total expenses of the offering, excluding the underwriting
discount, will be approximately $1.8 million.

New Issue of Securities

The Series I Preferred Stock and the Depositary Shares are new issues of securities with no established trading market. Application will be
made to list the Depositary Shares on the New York Stock Exchange under the symbol “CFG PfI.” If approved for listing, we expect trading of the Depositary Shares on the New York Stock Exchange to begin within the 30-day period after the original issue date. Some or all of the underwriters have advised us that they presently intend to make a market in the shares after the completion of the offering. However, they are under no
obligation to do so and may discontinue any market-making activities at any time without notice. There is currently no secondary market for the Depositary Shares and we cannot assure you that one will develop, even if the Depositary Shares are
approved for listing. If the secondary market for the