Citi Private Bank Launches Philanthropy Offering in Asia
The private banking arm of Citi has introduced philanthropy advisory solutions in Asia due to growing demand from ultra-rich clients in the region.
Citi Private Bank has launched new philanthropy advisory solutions in Asia, according to a statement. The offering, which is already available for ultra-high net worth clients (UHNW) in the US, will first be rolled out in Singapore.
The latest offering will enable clients to engage in philanthropic activities by establishing donor-advised funds or by funding donations through the bank’s charity partners. They will also have access to the bank’s philanthropic advisory capabilities which include philanthropic guidance coupled with governance and programmatic frameworks.
«A $100 trillion inter-generation wealth transfer is occurring, and the next generation often has distinct values and philanthropic priorities such as climate change and social inequality,» said Lee Lung-Nien, Asia South chairman, Citi Private Bank. «Our new offering caters to a growing trend of clients who want a more structured and customized approach to giving, and draws from Citi Private Bank’s expertise of providing similar services elsewhere.»
Two Charity Partners
The new philanthropy solutions are launched in partnership with two registered charities in Singapore. The first is the Community Foundation of Singapore (CFS), the city-state’s oldest community foundation established in 2008. The second is AVPN (Asian Venture Philanthropy Network), a network of diverse funders and resource providers serving the full spectrum of social investors with over 600 members.
«Our mission is to bridge donors with the causes closest to their hearts, empowering them to create lasting, meaningful impact. We are eager to welcome Citi Private Bank’s clients into our growing community of thoughtful philanthropists and look forward to sharing our expertise to help them achieve their giving goals,» said Catherine Loh, CEO of CFS.
«Wealth owners across Asia increasingly prioritize achieving strategic, long-term social impact. To support banks in responding to this growing interest, AVPN is building ImpactCollab, an online platform that finance professionals can use to access verified charitable and impact organizations, due diligence resources and impact monitoring tools,» added Naina Subberwal Batra, CEO of AVPN. «ImpactCollab is developed with the support of the Monetary Authority of Singapore (MAS), the Gates Foundation, and in consultation with the private banking sector in Singapore.»
Growing Family Office Demand
According to Citi Private Bank, the decision to extend philanthropy advisory solutions to Asia was due to growing interest from UHNW clients in the region to make a strong philanthropic impact, especially among the next generation.
In the bank’s annual family offices survey in 2024, more than 60 percent of Asia Pacific family offices cited the sharing of best practices and mission strategic development as the main support required to develop philanthropic expertise. 15 percent also said they relied on external expertise to provide related services, up from 9 percent in 2023.
