Citi Launches Sustainable Deposit Solution in Asia Pacific
Citi announced today the launch of its new Sustainable Time Deposit (TD) solution in Asia Pacific, aimed at enabling clients in the region to invest excess cash in alignment with their sustainability goals.
The new deposit solutions, initially available in Singapore and Hong Kong, will allocate its funds to finance assets in a portfolio of green or social finance projects, aligned with criteria from Citi’s sustainable financing frameworks, while delivering competitive yields.
Environmental projects financed through the deposits will include renewable energy, energy efficiency, sustainable transportation, green building, and water quality and conservation. Social projects will target expansion of access to affordable basic infrastructure, and to essential services such as healthcare, education, affordable housing and financing for entrepreneurs and smallholder farmers.
Sandip Patil, Asia Pacific Head of Liquidity Management Services, Treasury and Trade Solutions, Citi said:
“We continue to expand our suite of sustainability-focused products and services for TTS clients in Asia Pacific. Through our new deposit solution in Hong Kong and Singapore, we will closely work alongside treasurers who are playing a pivotal part in making their businesses more sustainable. We will also be introducing our latest deposit solution in additional Asia Pacific markets by next year.”
The new launch marks the latest in a series of solutions introduced by Citi aimed at supporting client sustainability goals and initiatives. In May, Citi announced the launch of its first sustainable deposit solutions in locations including the U.K., Ireland, and Abu Dhabi. Earlier this year, the company announced that it will begin providing Sustainable Trade and Working Capital Loans (T&WC Loans) with favorable pricing if proceeds are used for sustainability-focused purposes, and the bank recently rolled out a sustainability-linked supply chain finance program. Citi has committed to significantly grow its sustainable finance activities, pledging to facilitate $1 trillion in sustainable finance by 2030.
Stephen Randall, Global Head of Liquidity Management Services, Treasury and Trade Solutions, Citi said:
“Sustainability is a key priority for our clients, and a commitment we take seriously at Citi. It shapes our business strategy and is embedded in the products and services that we offer. Our new deposit solution support our clients’ sustainability agenda, providing them with a range of suitable financing options and investment services.”