[SINGAPORE] The private banking arm of Citi has launched new philanthropy advisory solutions in Asia, beginning with Singapore, amid rising client demand for such services.
These solutions complement existing wealth management and philanthropy advisory products and services already available for ultra-high-net-worth clients in the US, the bank said on Wednesday (Mar 19).
The new offerings let Citi’s clients establish donor-advised funds or fund donations through its charity partners, as the Singapore and Hong Kong family office landscapes continue to grow and are supported by fresh initiatives, Citi added.
Clients can also continue to fund donations directly to causes and have access to Citi Private Bank’s philanthropic advisory, which provides bespoke philanthropic guidance as well as governance and programmatic frameworks.
Lee Lung-Nien, Asia South head at Citi Private Bank, said the offering caters to a growing trend of clients who want a more structured and customised approach to giving.
“A US$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,” Lee said.
The solutions are launched in partnership with two registered charities in Singapore – the Community Foundation of Singapore and AVPN.
Citi Private Bank’s global family office group will facilitate connections between clients and the respective charities to align on potential causes and programmes.
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