Based on press release issued by Citi, Citi was recognized by Euromoney with the magazine’s Excellence in Leadership award in Asia Pacific for its support of colleagues, clients and communities during the ongoing COVID-19 pandemic.
In the editorial write up accompanying the recognition, Euromoney observed:
“Citi is a big financial institution present in virtually every large Asian economy. You don’t get to be this size and to last this long without an innate ability to react smartly and nimbly to systemic threats. Under chief executive Peter Babej, Citi Asia Pacific was quick to react to the coronavirus crisis.”
For retail and small business customers across the region, Citi provided a range of assistance including fee waivers on loan extensions and reduced financing rates. For Asian institutional clients, the firm delivered effective and innovative capital solutions across its global platform, raising over US$10bn. These transactions included the bank’s first virtual IPO, for Nasdaq listed Huize, in which all roadshows were held via video and audio. Citi provided equally innovative support to its trade finance and cash management clients, utilizing its digital infrastructure to support remote onboarding, payments and collections.
Euromoney’s editorial added, “Within weeks, 75% of its workforce had transitioned to working from home and it disbursed special compensation awards to 25,000 staff. When India went into lockdown, digital support staff worked overtime to ensure that corporate clients from Asia to the Americas were able to pay staff on time. Zoom meetings became de rigeur; virtual events and resources were put in place to ensure employees and their families were cared for.”
To date Citi has provided over US$10 million in relief measures for communities across Asia Pacific, including working with the United Nations Development Programme to raise funds in several markets. In Singapore, Citi embarked on three key initiatives in supporting COVID-19-related community relief efforts, and it involves its employees in giving and volunteerism alongside the firm’s philanthropic efforts to make a positive difference to those in need. The first initiative is a S$150,000 commitment to support students from disadvantaged background with daily allowances through the Straits Times School Pocket Money Fund and access to education through the Business Times Budding Artists Fund. The second initiative assists vulnerable groups through a US$150,000 Citi Foundation grant to provide over 45,000 complimentary meals and grocery packs in partnership with the YMCA of Singapore. These groups are amongst those worst affected by the pandemic consisting of low-income families, students, vulnerable elderly, persons with special needs, and migrant workers. Through an organisation-wide fundraising campaign “Citi Supports HOME” for the Humanitarian Organization for Migration Economics, Citi employees rallied together to raise over S$176,000 in support of migrant workers in areas such as immediate basic needs, medical and counselling assistance to shelter residents, and supplementing hygiene supplies like masks and hand sanitisers. These three initiatives also mark Citi’s 15th Global Community Day (GCD) and demonstrates its ongoing commitment to giving back to the communities where we live and work.
Babej commented: “This has been a tremendous team effort, and I want to again thank all my Citi colleagues for their focus, hard work and resilience. As the situation evolves, we continue to monitor developments across the region and remain fully committed to supporting our clients and communities.”
SOURCE Citi
