Citi says the solution will deliver competitive yields and will complement projects related to the bank’s green and social bond frameworks. Funds deposited into Sustainable TDs are used to finance or refinance assets in portfolios of eligible green 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.
These can be projects for energy efficiency, renewable energy, water quality, and conservation as well as social projects designed to improve financial inclusion for women and communities that have been under-represented traditionally.
The funds could also go towards financing or refinancing affordable housing projects in the US, whether we’re talking about the construction, rehabilitation, or preservation of housing for low and moderate-income populations who are generally restricted to 60% or below of Area Median Income tenants.
Citi officials talked about finance and treasury teams, and their contribution towards helping their firms and supporting their sustainability and environmental, social and governance (ESG) goals. They also highlighted that the new Sustainable Time Deposit solution is in line with Citi’s commitment to providing tools that can help clients fulfil their objectives with their own organizations and their communities.
The Sustainable Time Deposit solution from Citi is available in the US, UK, Ireland, Singapore, Hong Kong, and Abu Dhabi. According to Citi, the programme will expand to other countries in the future.
In March 2023, Citi launched the Citi Securities Lending Access platform in a bid to bring new lending opportunities to Sweden. The first client to benefit from this platform launch is Nordnet AB, which has gained new lending capabilities and was thus able to expand its already successful securities lending programme to new markets and new client segments. Citi Securities Lending Access is an end-to-end solution that automates and digitises the entire securities lending lifecycle.
The solution incorporates Citi’s lending platform and fintech technology from Sharegain in order to allow clients to access tailored lending programmes that meet the requirements of underlying individual investors as well as traditional lenders.
The platform aims to democratise the securities lending industry by offering access to a wide range of investors through their existing banks, investment advisers, or brokers. According to Citi, the solution can also bring a selection of new and diversified securities to borrowers for the first time.
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