展覽5.1

[Sullivan & Cromwell LLP抬頭]

2024 年 10 月 4 日。

Citizens Financial Group, Inc.,

One Citizens Plaza,

Providence, Rhode Island 02903.

女士們和先生們：

我們是Citizens Financial Group, Inc.的律師，這是根據特拉華州法律組建的公司（以下簡稱"公司"），與其提交的Form註冊聲明有關。 S-3 根據1933年證券法（以下簡稱「法案」）的《註冊聲明》（以下簡稱「註冊聲明」）被註冊公司普通股，每股面值$0.01（以下簡稱「普通股」），公司首選股，每股面值$25.00（以下簡稱「首選股」），代表首選股利益的託管股（以下簡稱「託管股」），高級和次級債券（以下簡稱「債券」），購買公司普通股、首選股、託管股、債券或單位的認股權證（以下簡稱「認股權證」），購買合同（以下簡稱「購買合同」），以及由上述任何一種或多種構成的單位（以下簡稱「單位」，與普通股、首選股、託管股、債券、認股權證或購買合同一起，統稱「證券」）。

與註冊聲明的提交相聯繫，作爲您的法律顧問，我們已經審查了公司記錄、證書和其他文件，以及我們認爲出於本意見目的而必要或適當的法律問題。根據這樣的審查基礎，我們認爲：

(1) 普通股當註冊聲明根據該法案生效時，當普通股的銷售條款按照公司公司章程的規定得到妥善確定，以便不違反任何適用法律或導致公司的任何協議或文件出現違約或違反，並以便符合任何法院或行政機構對公司管轄，幷包括髮行數量不超過已授權但未流通或爲發行所保留的普通股數量，並且普通股已按照公司董事會或董事會的合法授權委員會所確定的每股價格進行合法發行和銷售，其價格不低於其面值，如果所有前述行爲是根據公司董事會或董事會合法授權委員會通過的決議授權採取的，那麼普通股將被合法發行，全部實繳並且不可評估。本段描述中所涵蓋的普通股包括作爲單位的一部分發行的任何普通股，或根據任何其他證券的條款行使或以其他方式發行的任何普通股。

(2) 優先股註冊聲明根據法案生效後，優先股的條款及其發行和銷售已經依照公司章程得到充分確立，以免違反任何適用法律或導致違約，在或違反任何對公司具有約束力的協議或工具，並以符合對公司具有管轄權的任何法院或政府機構強加的任何要求或限制爲標準，包括髮行的優先股數量不超過當時已授權但未出售或保留用於發行的優先股數量，當就優先股向特拉華州國務卿遞交說明書後，以及當優先股已經依法發行和以公司董事會或其授權委員會確定的每股價格出售，該價格不低於其面值，如所有前述行動都是根據公司董事會或其授權委員會通過的決議授予的權限執行的，該優先股將被有效發行，完全支付且不需額外徵稅。本段所涉及的優先股包括作爲單位的一部分發行或根據其他證券條款行使或以其他方式發行的任何優先股。

(3) 存托股份註冊聲明根據法案生效後，存款協議的條款已經被充分確認，發行託管股的存款憑證的存款協議已經獲得授權，簽署和交付，託管股的條款及其發行和銷售已經依照存款協議得到充分確定，代表託管股的優先股已經獲得授權，有效發行並已交付給託管人，託管股憑證已根據存款協議依據存入的優先股發行，並以公司董事會或其授權委員會確定的價格出售，該價格不低於所代表的優先股基礎股份的面值，並且如果所有前述行動是根據公司董事會或其授權委員會通過的決議授予的權限執行的，並且以不違反任何適用法律或導致違約或違反對公司具有約束力的任何協議或工具，並以符合對公司具有管轄權的任何法院或政府機構強加的任何要求或限制爲標準，所發行的託管股憑證將被有效發行，並將使持有人有權獲得存托股中規定的權利和存款協議規定的權利，受破產、清算、欺詐轉移、重組、停止支付和與有效涉及債權人權利或一般公平原則的一般適用法律的影響，存托股憑證將被有效發行。本段所涉及的託管股包括作爲單位的一部分發行或根據其他證券條款行使或以其他方式發行的任何託管股。

(4) 債務證券。註冊聲明根據法案生效後，關於高級債券（「高級輔助證券」）的適用補充義務人，補充高級債券輔助契約已經得到妥善授權、執行和交付，補充2015年10月28日日期的高級契約（「高級契約」） 【簡稱「高級契約」】，公司與紐約梅隆銀行作爲受託人之間的，或關於下級債券（“下級輔助契約，連同高級輔助契約，統稱「輔助契約」】，補充2012年9月28日日期的下級契約（「下級契約」，連同高級契約，統稱「契約」，公司與紐約梅隆銀行作爲受託人之間的）已經得到妥善授權、執行和交付，當債券條款及其發行和銷售已經得到依照適用契約和輔助契約的規定依法確立，且不違反任何適用法律或導致公司違約或違反任何約束公司的協議或文書，且遵守任何有管轄權的法院或政府機構對公司設定的任何要求或限制，並且債券已經依據適用契約和輔助契約得到妥善執行和認證，並按照註冊聲明、其中包括的基礎招股說明書以及適當的招股書補充或多項招股書的規定發行和銷售，如果所有前述行動都是根據公司董事會或其授權委員會依法通過的決議進行的，那麼債券將構成公司的有效和具有法律約束力的義務，受破產、無償付能力、欺詐轉讓、重組、停業等普遍適用於與影響債權人權益相關的法律，以及通則公平原則的約束。此段所涵蓋的債券包括可能作爲合併體的一部分發行的任何債券，或根據任何其他證券條款行使或以其他方式發行的債券。

(5) warrants 在根據法案生效的情況下，任何適用的認股權證協議條款已得到適當確定且相應認股權證協議已得到適當授權、簽署和交付，在符合適用認股權證協議的情況下，認股權證的條款及其發行與銷售已得到適當確定，認股權證已經根據適用認股權證協議得到適當簽署和認證，並按照註冊聲明、其中包括的基本招股說明書以及適當的招股說明書或補充招股說明書的規定得到發行和銷售，且所有前述行動均是根據授權進行的

granted in resolutions duly adopted by the Company’s Board of Directors, or a duly authorized committee thereof, and so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, the Warrants will constitute valid and legally binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. The Warrants covered by the opinion in this paragraph include any Warrants that may be issued as part of the Units or upon exercise or otherwise pursuant to the terms of any other Securities.

(6) Purchase Contracts. When the Registration Statement has become effective under the Act, when the terms of the governing instruments or agreements under which certain of the Purchase Contracts are to be issued have been duly established and the governing documents have been duly authorized, executed and delivered, when the terms of the Purchase Contracts and of their issuance and sale have been duly established in conformity with the applicable governing documents and when the Purchase Contracts have been duly executed and authenticated in accordance with the applicable governing documents and issued and sold as contemplated in the Registration Statement, the basic prospectus included therein and the appropriate prospectus supplement or supplements, and if all the foregoing actions are taken pursuant to authority granted in resolutions duly adopted by the Company’s Board of Directors or a duly authorized committee thereof, and so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, the Purchase Contracts will constitute valid and legally binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. The Purchase Contracts covered by the opinion in this paragraph include any Purchase Contracts that may be issued as part of the Units or upon exercise or otherwise pursuant to the terms of any other Securities.

(7) Units. When the Registration Statement has become effective under the Act, when the terms of the unit agreements under which the Units are to be issued have been duly established and the unit agreements have been duly authorized, executed and delivered, when the terms of the Units and of their issuance and sale have been duly established in conformity with the applicable unit agreements and when the Units have been duly executed and authenticated in accordance with the applicable unit agreements and issued and sold as contemplated in the Registration Statement, the basic prospectus included therein and the appropriate prospectus supplement or supplements, and if all the foregoing actions are taken pursuant to the authority granted in resolutions duly adopted by the Company’s Board of Directors, or a duly authorized committee

thereof, and so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, the Units will constitute valid and legally binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. The Units covered by the opinion in this paragraph include any Units that may be issued upon exercise or otherwise pursuant to the terms of any other Securities.

In rendering the foregoing opinion, we are not passing upon, and assume no responsibility for, any disclosure in the Registration Statement or any related prospectus or prospectus supplement or other offering material relating to the offer and sale of the Securities.

We note that, as of the date of this opinion, a judgment for money in an action based on a Security denominated in a foreign currency or currency unit in a Federal or state court in the United States ordinarily would be enforced in the United States only in United States dollars. The date used to determine the rate of conversion of the foreign currency or currency unit in which a particular Security is denominated into United States dollars will depend upon various factors, including which court renders the judgment. In the case of a Security denominated in a foreign currency, a state court in the State of New York rendering a judgment on such Security would be required under Section 27 of the New York Judiciary Law to render such judgment in the foreign currency in which the Security is denominated, and such judgment would be converted into United States dollars at the exchange rate prevailing on the date of entry of the judgment.

The foregoing opinion is limited to the Federal laws of the United States, the laws of the State of New York and the General Corporation Law of the State of Delaware, and we are expressing no opinion as to the effect of the laws of any other jurisdiction. 

We have relied as to certain factual matters on information obtained from public officials, officers of the Company and other sources believed by us to be responsible, and we have assumed all other governing documents under which the Securities are to be issued, as well as the purchase contracts, if applicable, will have been duly authorized, executed and delivered by all parties thereto other than the Company and that the signatures on documents examined by us are genuine. We have also assumed that the issuance or delivery by the Company of any securities other than the Securities, or of any other property, upon exercise or otherwise pursuant to the terms of the Securities will be effected pursuant to authority granted in resolutions duly adopted by the Company’s Board of Directors, or a duly authorized committee thereof, and so as not to violate any applicable law or result in a default under or breach of any agreement or instrument binding on the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the

Company. We have further assumed that the authority granted in resolutions duly adopted by the Company’s Board of Directors, or a duly authorized committee thereof, will remain in effect at all relevant times and that no Securities will be issued or other action taken in contravention of any applicable limit established pursuant to such resolutions from time to time. Finally, with respect to any shares of Common Stock or Preferred Stock issued in uncertificated form, we have assumed that such shares will have been duly recorded by a transfer agent and duly registered by a registrar thereof in the direct registration system of the Company and that the notice required by Section 151(f) of the General Corporation Law of the State of Delaware will have been given to the holders of such shares within a reasonable time following the issuance thereof.

We are expressing no opinion as to any obligations that parties other than the Company may have under or in respect of the Securities, or as to the effect that their performance of such obligations may have upon any of the matters referred to above. Nor are we expressing an opinion as to securities of any persons other than the Company.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to us under the heading “Validity of the Securities” in the prospectus contained therein. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.