Citigroup introduces new deposit products for sustainable goals

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by KnowESG,

Citigroup Inc.

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Citi has announced the launch of new deposit products to help clients invest excess cash as part of their sustainability goals.

The two new deposits, the Sustainable Time Deposit (TD) and Sustainable Minimum Maturity Time Deposits (MMTD), offer competitive returns and are based on Citi's green and social bond frameworks, which promote the United Nations' Sustainable Development Goals (SDGs).

Czeslaw Piasek, EMEA Head of Liquidity Management Services, Treasury and Trade Solutions, Citi, commented: 

"Sustainability is no longer an executive-level only discussion. Finance and treasury departments can play a strategic role in helping their firms deliver on environmental, social, and governance (ESG) -related goals and become more sustainable businesses. Our new series of deposit solutions reflects Citi’s commitment to helping our clients advance ESG commitments in their treasuries through a range of sustainable financing- and ESG-linked investment services."

The types of projects that are financed include green, social, and affordable housing projects.

David Tsui, EMEA Head of Deposits and Investments Products, Treasury and Trade Solutions, Citi, said: 

"The expansion of our sustainable product suite is one of the steps we are taking to provide more comprehensive sustainable cash management solutions to clients. We are delighted to be partnering with treasurers to explore new and innovative ways to support their sustainability objectives."

In the United Kingdom, Ireland, and Abu Dhabi, both deposits are currently available.

Citi's Frameworks have been examined by a renowned independent ESG and corporate governance research, ratings, and analytics organisation and are compatible with the International Capital Market Association's Green Bond Principles and Social Bond Principles.

TDs and MMTDs are not securities because they are cash deposit transactions, and their returns are not tied to the returns of the underlying assets.

Source: Yahoo Finance

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