Citi launches new time deposit solution

Citi has launched a new Sustainable TD solution aimed at helping institutional clients in the US invest excess cash while also meeting their sustainability goals. The Sustainable TD solution will support clients investing in Citi’s green and social bond frameworks. This expands the program that was launched last year in Asia, the Middle East, and Europe.

The Sustainable TD solution promises to deliver competitive yields and funds deposited into it are allocated towards financing or refinancing assets in a portfolio of eligible green and social finance projects. These projects include renewable energy, energy efficiency, water quality, conservation, social projects that expand financial inclusion for women, and traditionally under-represented communities. The funds can also be allocated towards financing affordable housing projects, including construction, rehabilitation, and/or preservation of housing for low and moderate-income populations.

The solution is currently available in the US, UK, Ireland, Abu Dhabi, Singapore, and Hong Kong. Citi’s Global Head of Liquidity Management Services, Treasury, and Trade Solutions, Stephen Randall, said that finance and treasury teams are playing an increasingly strategic role in helping their firms support their sustainability and ESG goals. He added that Citi’s new Sustainable Time Deposit solution reflects their commitment to providing tools that help clients reach their goals with their own organizations and their communities.

Michael Fossaceca, Citi’s North America Head of Treasury and Trade Solutions, said that the expansion of the sustainable product suite is an essential step in providing comprehensive sustainable cash management solutions to their clients. He expressed excitement about bringing this capability to clients in the US. The launch of the Sustainable TD solution will allow institutional clients in the US to invest excess cash while supporting sustainability initiatives, further expanding Citi’s sustainable product offering.