Citizens Financial Group Announces Pricing of $400 Million of its Subordinated Notes and $650 Million of Citizens Bank, N.A. Senior Notes

Citizens Financial Group, Inc. (NYSE: CFG) today announced the pricing of concurrent unsecured note offerings by CFG and its banking subsidiary Citizens Bank, N.A. (“CBNA”) of $1.05 billion aggregate principal amount, consisting of:

• $400 million of CFG 5.641% fixed-reset subordinated notes due 2037 (the “CFG Subordinated Notes”)
• $650 million of 4.119% fixed-to-floating rate senior notes due 2025 (the “CBNA Senior Notes”)

CFG and CBNA each intend to use the net proceeds of the note offerings for general corporate purposes. The note offerings are both expected to close on May 23, 2022, subject to customary closing conditions.

BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Citizens Capital Markets, Inc. are acting as joint book-running managers for the note offerings.