HONG
KONG, CHINA – Media OutReach – 2 July 2020
– Citigroup Inc. (NYSE: C) – Citi
today announced that Citi and the Citi Foundation have committed more than US$100
million to date in support of COVID-19-related community relief and economic
recovery efforts globally. This includes more than $35 million in new funding, adding
to the previously announced US$65 million in
grants and charitable contributions to deliver ongoing relief and support for
longer-term economic recovery in communities impacted by the global pandemic. These
contributions include US$2 million from Citi employees through a donation
matching program.
In Hong Kong, the Citi
Foundation has donated US$150,000 (around HK$1.17 million) to Feeding Hong Kong
for the provision of key food staples to vulnerable households. Citi Hong Kong
also donated over 370,000 facemasks to Feeding Hong Kong, Tung Wah Group of
Hospitals, the Hong Kong Unison and the government’s Social Welfare Department
for distribution to people in need at a time when there has been a shortage of
epidemic prevention supplies. Also, a cash donation of HK$150,000 has been made
to the Community Chest’s Rainbow Fund, which helps individuals and families to
overcome their immediate financial difficulties during this most uncertain time.
Michael
Corbat, Citi CEO, said, “During
a time of great uncertainty and economic hardship, my colleagues once again
showed their generosity and compassion by contributing more than US$2 million
of their own money to support COVID-19 relief efforts, which Citi matched with
an additional US$2 million in donations. I couldn’t be more proud or grateful
to work with people who put such a high value on supporting their communities
and those in need.”
Furthering
plans announced in April to donate net profits from Citi’s participation in the U.S. Small Business Administration’s
Paycheck Protection Program (PPP), US$25 million in initial proceeds from PPP has
been donated to the Citi Foundation. The Citi Foundation is deploying US$15 million
in unrestricted funding of up to US$500,000 per CDFI to support small
businesses owned by people of color and low- and moderate-income individuals
and communities. The remaining US$10 million in PPP net profits was deployed by
the Citi Foundation to the Local Initiatives Support Corporation (LISC) to
support the New York Forward Loan Fund,
which is enabling CDFIs making loans to
small businesses, nonprofits and small landlords for working capital, including
payroll, operating and emergency maintenance.
These philanthropic efforts complement Citi’s partnership
with the National Banking Association, and the creation of a purchasing facility to assume up to $50 million in Small Business Administration
Paycheck Protection Program loans from Minority Depository Institutions (MDIs).
Additional
immediate relief and investments in longer-term solutions to the COVID-19
pandemic around the world include:
Asia Pacific
North America
Latin America
Europe, Middle East and
Africa
Through
the generosity and engagement of colleagues around the world, Citi raised over US$4
million through its Double the Good employee donation
campaign. Having exceeded the US$2 million goal in colleague donations, Citi is
donating US$500,000 to each of the four organizations selected by Citi’s
regions to address unique challenges: United Nations Development Programme
(Asia Pacific), International Rescue Committee (Europe, Middle East and
Africa), the International Organization for Migration (Latin America) and
Direct Relief (North America).
In
addition, Citi continues to take proactive measures to preserve the well-being
of employees globally. Citi is also offering assistance
to impacted customers through credit card payment deferrals, fee waivers,
hardship programs, and additional small business support.
Citi, the leading global bank, has
approximately 200 million customer accounts and does business in more than 160
countries and jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking,
securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi |Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
Citi Foundation
The Citi Foundation works to promote economic
progress and improve the lives of people in low-income communities around the
world. We invest in efforts that increase financial inclusion, catalyze job
opportunities for youth, and reimagine approaches to building economically
vibrant communities. The Citi Foundation’s “More than Philanthropy”
approach deploys the enormous expertise of Citi and its people to fulfill our mission
and drive thought leadership and innovation.
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