Bank supports financial literacy and conservation

Citibank (China) Co Ltd is promoting community causes ranging from financial literacy to environmental protection, the bank stated in its recently released 2008 Corporate Citizenship Report.

Other activities described in the report included supporting micro-credit initiatives, encouraging volunteerism and ongoing efforts to improve the well-being of the bank's staff and customers.

Financial education

In October 2008, Citibank China announced a partnership with the School of Economics and Management at Tsinghua University. The bank invested $1.2 million to establish the Tsinghua-Citi Financial Education Hub to provide financial education to consumers.

In coming years, the financial education center will host a series of online lectures for local consumers and begin research on the financial behavior of Chinese consumers. The center also will train journalists and young university faculty.

To help prepare finance majors for a more competitive job market in China, Citibank China in 2008 worked in partnership with Peking University's China Center for Economic Research to organize the inaugural Young Financial Leaders Summer Camp.

Almost 100 students studying finance from 53 universities across China participated in the 10-day camp, with a special focus on researching China's rural financial reform and development.

Based on positive feedback from students, Citibank China and Peking University plan to hold another camp this year with a focus on the current global financial crisis.

The bank last year introduced its "Making Sense of Money" program for Chinese children ages 8 to 12.

Last year, the bank also produced a comic book entitled Agent Penny and Will Power in Operation Finance and sponsored education programs related to the book in Beijing, Shanghai and Shenzhen and Guangzhou in Guangdong province.

Environmental protection

In 2008, Citibank China provided more than $143 million in new credit to the clean energy and renewable power generation sector, including five solar energy companies, one wind power generator and one biomass power plant in China.

To support the country's growing solar power industry, the bank provided more than 700 million yuan in financing last year to help expand the capacity of some of China's larger manufacturers of photo voltaic cells.

According to the report, Citibank China acted as the lead arranger of a syndicated loan of 315 million yuan to Baoding Tianwei Yingli New Energy Resource Co Ltd, the country's top solar technology company.

The bank also supported the needs of Jiangxi LDK Solar, a leading solar power equipment supplier, and Wuxi Suntech Group, the exclusive supplier of solar power systems to the Beijing National Stadium and also the China Pavilion at the 2010 Shanghai World Expo.

Citibank China participated in "Earth Hour" activities organized each year by the World Wildlife Fund to promote public awareness of energy conservation.

Inspired by the Earth Hour program, the bank's Citi Realty Services initiated its own energy conservation program called Citi Hour.

On the third Saturday of each month, office lights are turned off from 8 p.m. to 9 p.m. The Citi Hour program saves 600 kilowatt-hours of electricity every month, the bank reported.

Volunteerism

Volunteerism is also important to the bank, the report stated.

Since the establishment of the Citibank China Volunteer Committee in April 2007, a team of about 100 staff members has initiated diversified community activities.

On Nov 8, 2008, more than 2,000 bank employees around the country initiated more than 30 financial education and conservation activities.

(China Daily 10/12/2009 page10)