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Citi Releases 2010 Global Citizenship Report

Citi today released its 11th annual Global Citizenship Report, underscoring the bank’s strategic focus on citizenship and commitment to the economic development of the communities it serves in more than 160 countries. Highlights of the report include helping more than 1.1 million homeowners in their efforts to avoid potential foreclosure between January 2007 and December 2010 and surpassing the halfway mark in Citi’s $50 billion climate change initiative.

“Citi’s commitment to Responsible Finance is at the core of our identity,” said Citi CEO Vikram Pandit. “We serve over 1,000 cities around the globe and our ties to the communities we operate in are strong. We are committed to utilizing the full force of our talent, experience and resources to put our customer first, support financial inclusion, foster diversity, and advance environmental sustainability.”

Among Citi’s 2010 key accomplishments are the following:

  • Directed more than $5.67 billion toward sustainable, “green” investments, financing and other activities including: a solar power project across a community college district that will reduce the cost of electricity by up to 15%; a wind farm project in the United States that will avoid the creation of over one million tons of carbon dioxide; and an IPO to raise capital for China’s second largest maker of wind turbines.
  • Provided $2.94 billion in financing for affordable housing, rated the top affordable housing lender according to Affordable Housing Finance.
  • Approved $100 million in loans to Community Development Financial Institutions (CDFIs) as part of the $200 million Communities at Work Fund announced in May 2010.
  • Surpassed Citi and the Citi Foundation’s 10-year, $200 million goal to fund financial capability programs announced in 2004. Projects have been supported in 74 countries with the total investment in the area at $201 million.

In 2010, the Citi Foundation invested $67.9 million in programs across 89 countries that support the economic empowerment and financial inclusion of low- to moderate- income people in the communities where Citi operates. The Citi Foundation works collaboratively with a range of partners to design and test financial inclusion innovations and seeks to support leadership and knowledge building activities.

“While we continue to demonstrate the impact and effectiveness of our strategic philanthropic investing, the real power lies within the business. Our Citizenship strategy focuses on incorporating policies and business practices to create products and services that meet community needs responsibly. We are committed to continuing our work in a transparent fashion to forward these common goals and play a positive role in sustainable economic growth,” said Pam Flaherty, Director of Citi Corporate Citizenship and CEO and President of the Citi Foundation.

Citi Crosses Halfway Point of $50 Billion 10-Year Global Climate Change Initiative; Continues Environmental Footprint Reductions Approaching First GHG Target Deadline

Citi has directed a total of $30 billion to address the challenges of climate change, putting the bank over the halfway mark to meeting the 10-year $50 billion goal announced in 2007. Investments include internal projects, such as the greening of Citi facilities, as well as external initiatives including financing alternative energy, investing in clean technology and researching carbon reduction strategies on behalf of clients.

Additionally, Citi achieved a 6.4% reduction in emissions over 2009 and is well on its way to reaching its first absolute reduction goal of 10 percent from a 2005 baseline by the end of 2011. Last year Citi expanded this goal to a 25 percent reduction by 2015. Earlier this year Citi was the only bank to win a U.S. Environmental Protection Agency ENERGY STAR Partner of the Year Award for its efforts in 2010 to improve the energy efficiency of its facilities.

Citi was one of four banks to co-develop the Equator Principles in 2003, a voluntary set of industry guidelines to manage the environmental and social risks of project financing globally. More than 70 financial institutions now adhere to these Principles, which are considered the “gold standard” in finance. Since 2005, Citi has helped finance over $100 billion in global infrastructure and development projects subject to the Equator Principles. Citi currently sits as Chair of the Equator Principles Financial Institutions (EPFI) Steering Committee, helping to guide the network through a strategic review process among other leadership duties.

Citi Fosters Community Development through Financial Inclusion around the World

Under a partnership launched in 2006, Citi and the U.S. Overseas Private Investment Corporation have provided over $246 million in funding to 29 Microfinance Institutions (MFIs) across 16 countries to date. These MFIs have created microloans for more than 900,000 borrowers, 92% of whom are women. Citi has nearly three decades of experience in the area of microfinance, supporting the institutional development of the sector through the Citi Foundation, and by our businesses and Citi Microfinance working with MFIs as clients and partners.

“The microfinance sector is experiencing huge challenges as it achieves significant growth and transformation. With increased financial inclusion, clients begin to have wider choices in accessing credit. Combined with increased competition, there are greater expectations for the sector to strengthen business practices, client protection, regulatory oversight and financial education,” said Bob Annibale, Global Director of Citi Microfinance and Community Development.

In May of 2010 Citi launched the $200 million Communities at Work Fund with Calvert Foundation and Opportunity Finance Network to provide funding to CDFIs that lend to small businesses, community service organizations and not-for-profits in underserved communities across the U.S. At the end of 2010, $100 million had been approved for distribution to these CDFIs. Additionally, in partnership with the Citi Foundation, Citi’s Community Development team is embedded across the U.S. building business and philanthropic relationships with local communities.

To read the complete Citi Global Citizenship Report for 2010, visit the micro site at citizenship.citigroup.com or download the iPad app at http://itunes.apple.com/us/app/citi-annual-report/id431387145?mt=8.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, 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.

Contacts:

Media
Citi
Tyler Daluz, 212-793-5234
tyler.b.daluz@citi.com

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