Citi has launched a new sustainable time deposit solution designed to assist US institutional clients when investing.
According to Citi, the time deposit solution will support these clients when investing excess cash while support their sustainability goals.
Citi claims its new Sustainable TD will deliver competitive yields and supports projects identified under Citi’s green and social bond frameworks, expanding the program launched in Europe, the Middle East and Asia last year.
Funds deposited into Sustainable TDs are allocated toward financing or refinancing assets in a portfolio of eligible green and/or social finance projects, based on criteria set in the Citi Green Bond Framework, Social Finance Bond Framework and Social Bond for Affordable Housing Frameworks, including projects for renewable energy, energy efficiency, water quality, and conservation as well as in social projects that expand financial inclusion for women and traditionally under-represented communities.
In addition, the funds may be allocated to finance or refinance affordable housing projects in the U.S., including the construction, rehabilitation, and/or preservation of housing for low and moderate-income populations who are generally restricted to 60% or below of Area Median Income tenants. Those projects may include many types of housing communities, each with distinct social impact and benefits.
The solution is now available in the US, the UK, Ireland, Abu Dhabi, Singapore and Hong Kong.
Stephen Randall – global head of liquidity management services, treasury and trade solutions at Citi – said, “Finance and treasury teams are playing an increasingly strategic role in helping their firms to support their sustainability and ESG goals. Our new Sustainable Time Deposit solution reflects Citi’s commitment to providing tools that help our clients reach their goals with their own organizations and their communities.”
Citi North America head, treasury and trade solution, Michael Fossaceca added, “The expansion of our sustainable product suite is an important step toward providing comprehensive sustainable cash management solutions to our clients. We are excited to bring this capability to our clients in the U.S.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
