Citigroup’s Asia Pacific chief executive Peter Babej reassured clients that the bank was committed to support the region amid the pandemic, including through a $15 million global donation.
The American lender has provided financial support in the region across Hong Kong, Singapore, Malaysia, Philippines, China and Indonesia, offering loan interest rate and fee reliefs, additional low-cost financing and digital solutions for its consumer and SME client base, according to a statement.
Citi also highlighted fundraising in capital markets for Asian clients, topping $10 billion including the bank’s first-ever virtual IPO (all roadshows conducted via video and audio calls) with Chinese online insurance platform Huize and loan deals to Qantas and, for coronavirus-related purposes, to Indonesia.
The bank has also leveraged its digital capabilities allowing Korean clients to roll over affected loans and Philippines corporate clients to maintain financial activities. It highlighted trade finance and cash management, in particular, leveraging its platform to onboard, pay and receive funds, and facilitate trade transactions digitally.
$15 Million Donation
At the global level, the bank will also donate $15 million through the Citi Foundation to support other ongoing relief efforts with $5 million dedicated to specific countries most severely impacted. The remaining $10 million will be divided between the
«COVID-19 Solidarity Response Fund», co-established by the U.N. and the Swiss Philanthropy Foundation at the W.H.O's request; and the «No Kid Hungry» program to support emergency food distribution in the U.S.
«This is a rapidly evolving situation and we want our customers to know we are here to provide assistance should they need it,» said Peter Babej, Citi’s Asia Pacific CEO who was appointed in October 2019. «We continue to monitor developments closely and will evaluate additional actions to support our clients and communities as needs arise.»
