<SEC-DOCUMENT>0001193125-21-104997.txt : 20210623
<SEC-HEADER>0001193125-21-104997.hdr.sgml : 20210623
<ACCEPTANCE-DATETIME>20210402132059
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-104997
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS FINANCIAL GROUP INC/RI
		CENTRAL INDEX KEY:			0000759944
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				050412693
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
		BUSINESS PHONE:		4014567000

	MAIL ADDRESS:	
		STREET 1:		1 CITIZENS PLAZA
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02903
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CITIZENS FINANCIAL GROUP, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ONE CITIZENS PLAZA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PROVIDENCE, RI
02903 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">April&nbsp;2, 2021 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Re:
<U>Citizens Financial Group, Inc. Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-254994)</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On April&nbsp;2, 2021,
Citizens Financial Group, Inc. (the &#147;Company&#148;) filed with the Securities and Exchange Commission (the &#147;Commission&#148;) a registration statement (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-254994)</FONT> (the
&#147;Registration Statement&#148;) on Form <FONT STYLE="white-space:nowrap">S-4</FONT> under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Registration Statement registers (i) $620,555,000 aggregate principal amount
of the Company&#146;s new 2.638% Subordinated Notes due 2032 (the &#147;2032 Exchange Notes&#148;) to be exchanged in an exchange offer for a like principal amount of the Company&#146;s outstanding 2.638% Subordinated Notes due 2032 (the &#147;2032
Original Notes&#148;), (ii) $134,632,000 aggregate principal amount of the Company&#146;s new 4.300% Fixed Rate Reset Subordinated Notes due 2031 (the &#147;4.300% 2031 Exchange Notes&#148;) to be exchanged in an exchange offer for a like principal
amount of the Company&#146;s outstanding 4.300% Fixed Rate Reset Subordinated Notes due 2031 (the &#147;4.300% 2031 Original Notes&#148;), (iii) $68,710,000 aggregate principal amount of the Company&#146;s new 3.750% Fixed Rate Reset Subordinated
Notes due 2031 (the &#147;3.750% 2031 Exchange Notes&#148;) to be exchanged in an exchange offer for a like principal amount of the Company&#146;s outstanding 3.750% Fixed Rate Reset Subordinated Notes due 2031 (the &#147;3.750% 2031 Original
Notes&#148;) and (vi) $60,547,000 aggregate principal amount of the Company&#146;s new 4.350% Fixed Rate Reset Subordinated Notes due 2031 (the &#147;4.350% 2031 Exchange Notes&#148; and, together with the 2032 Exchange Notes, the 4.300% 2031
Exchange Notes and the 3.750% 2031 Exchange Notes&#148;, the &#147;Exchange Notes&#148;) to be exchanged in an exchange offer for a like principal amount of the Company&#146;s outstanding 4.350% Fixed Rate Reset Subordinated Notes due 2031 (the
&#147;4.350% 2031 Original Notes&#148; and, together with the 2032 Original Notes, the 4.300% 2031 Original Notes and the 3.750% 2031 Original Notes, the &#147;Original Notes&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The exchange offers are referred to collectively as the &#147;Exchange Offer&#148;. We are submitting this letter in order to inform you that
the Company is registering the Exchange Offer in reliance on the position of the staff of the Commission (the &#147;Staff&#148;) stated in the <U>Exxon Capital Holdings Corporation</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter
(available May&nbsp;13, 1988) (the &#147;Exxon Capital Letter&#148;), <U>Morgan Stanley</U><U></U><U>&nbsp;&amp; Co. Incorporated</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (available June&nbsp;5, 1991) (the &#147;Morgan
Stanley Letter&#148;) and <U>Shearman</U><U></U><U>&nbsp;&amp; Sterling</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (available July&nbsp;2, 1993) (the &#147;Shearman&nbsp;&amp; Sterling Letter&#148;). In connection with the
filing of the Registration Statement and in anticipation of the acceleration of the effectiveness thereof, the Company hereby represents as follows: </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> -
 2
-</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company has not entered into any arrangement or understanding with any person to
distribute the Exchange Notes to be received in the Exchange Offer and, to the best of the Company&#146;s information and belief, each person participating in the Exchange Offer is acquiring the Exchange Notes in its ordinary course of business and
has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes to be received in the Exchange Offer. In this regard, the Company will make each person participating in the Exchange Offer aware (through
the Exchange Offer prospectus or otherwise) that any securityholder using the Exchange Offer to participate in a distribution of the Exchange Notes to be acquired in the Exchange Offer (1)&nbsp;cannot rely on the Staff&#146;s position in the Exxon
Capital Letter, the Morgan Stanley Letter, the Shearman&nbsp;&amp; Sterling Letter or similar letters and (2)&nbsp;must comply with registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale
transaction. The Company acknowledges that such a secondary resale transaction should be covered by an effective registration statement containing the selling securityholder information required by Item 507 of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company will also include in the letter of transmittal to be executed
by each person participating in the Exchange Offer (the &#147;Letter of Transmittal&#148;) disclosure that, by accepting the Exchange Offer, each holder (including any broker-dealer) of the Original Notes represents to the Company that (i)&nbsp;it
is not an affiliate of the Company or, if it is an affiliate of the Company, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable in connection with the resale of the Exchange
Notes, (ii)&nbsp;the Exchange Notes will be acquired in the ordinary course of business, and (iii)&nbsp;it is not engaged in, and does not intend to engage in, a distribution of the Exchange Notes to be received in the Exchange Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">With respect to any broker-dealer participating in the Exchange Offer with respect to the Original Notes acquired for its own account as a
result of market-making activities or other trading activities, each such broker-dealer must confirm that it has not entered into any arrangement or understanding with the Company or any affiliate of the Company to distribute the Exchange Notes. In
addition, the Company (i)&nbsp;will make each person participating in the Exchange Offer aware (through the Exchange Offer prospectus or otherwise) that any broker-dealer who holds Original Notes acquired for its own account as a result of
market-making activities or other trading activities, and who receives Exchange Notes in exchange therefor pursuant to the Exchange Offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such Exchange Notes, and (ii)&nbsp;will include in the Letter of Transmittal the additional requirement that if the exchange offeree is a broker-dealer holding Original Notes acquired for its own account as a result of
market-making activities or other trading activities, an acknowledgment that such broker-dealer will deliver a prospectus meeting the requirements of the Securities Act in </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> -
 3
-</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
connection with any resale of Exchange Notes received in respect of such Original Notes pursuant to the Exchange Offer. The Letter of Transmittal will also include a statement to the effect that
by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> -
 4
-</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If you have any questions, please contact the undersigned at (401) 824-0503 or Benjamin H.
Weiner of Sullivan&nbsp;&amp; Cromwell LLP at (212) <FONT STYLE="white-space:nowrap">558-4000.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CITIZENS FINANCIAL GROUP, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Malcolm D. Griggs</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: &nbsp;Malcolm D. Griggs</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Title:&nbsp;&nbsp;&nbsp;&nbsp;General Counsel and Chief Legal and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk
Officer</P></TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
