Citi Encourages Institutional Clients to ‘Go Paper-free’ with
NEW YORK -- November 19, 2012
Citi is contributing to the Billion Tree Campaign to encourage its
institutional clients to enroll in paperless statements. For every tree saved
through a client’s enrollment, Citi Transaction Services (CTS) will invest in
10 seedlings to be planted by a collaborative partner of the
Plant-for-the-Planet Billion Tree Campaign.
Citi’s efforts begin by offering clients efficient and secure electronic
alternatives to paper-based statements, leveraging a myriad of solutions to
meet clients’ needs. These include retrieving statements from CitiDirect®
Online Banking or receiving statements via e-mail or SWIFT. Clients receive
statements faster, eliminate the burden of physical storage, and streamline
the reconciliation process.
"Eliminating paper and increasing automation not only leads to greater
operational efficiency and control; it also enhances environmental
sustainability and delivers cost savings," says Naveed Sultan, Global Head of
Treasury and Trade Solutions at Citi. “This is a perfect example of the triple
bottom line at work.”
Citi is committed to driving paper out of the financial supply chain where
appropriate by encouraging its institutional clients to 'Go Paper-free.' Since
the beginning of 2011, CTS clients have already eliminated more than seven
million pages of paper by enrolling in paper-free solutions, an equivalent of
nearly 1,000 trees. With financial support from CTS, ten thousand trees will
be planted, bringing the program-to-date total to fifteen thousand.
"Tree planting and reforestation is an important contributor to sustainable
development and has a multitude of benefits from combating climate change to
supporting livelihoods of local communities. With Citi's support, we will
plant 15,000 trees," stated Vi Agroforestry CEO Anneli Rogeman.
The trees will be registered on the global tree counter of
Plant-for-the-Planet. In 2011, the UNEP (United Nations Environmental
Programme) put the Plant-for-the-Planet initiative in charge of this counter.
“We children of Plant-for-the-Planet feel empowered by Citi’s report of the
trees to our counter. Tree planting is a very intelligent action because trees
are the only ‘machines’ than can bind CO2,” says Felix Finkbeiner, 14 year-old
founder of Plant-for-the-Planet.
The CTS paper-free effort for institutional clients builds on similar
successful consumer programs across the bank. Since 2008, Citi’s global
consumer credit card business has seen a paperless statement penetration rate
grow to approximately 30% of its customers worldwide. In 2009, Citi Cards
received the Arbor Day Foundation’s Promise to the Earth Award for its support
of tree planting programs through paperless statement initiatives.
Citi’s commitment to environmental sustainability is part of its broader
approach to Responsible Finance. Citi was also the first major U.S. bank to
sign the United Nations Global Compact, a strategic policy initiative for
businesses that are committed to aligning their operations and strategies with
ten universally accepted principles in the areas of human rights, labor,
environment and anti-corruption.
Citi Transaction Services, a division of Citi’s Institutional Clients Group,
offers integrated cash management, trade, and securities and fund services to
multinational corporations, financial institutions and public sector
organizations around the world. With a network that spans more than 95
countries, Citi’s Transaction Services supports over 65,000 clients. As of the
third quarter of 2012, it held on average $415 billion in liability balances
and $12.8 trillion in assets under custody.
Plant-for-the-Planet was founded in 2007 by then 9-year-old Felix Finkbeiner
who envisioned to plant one million trees in every country in the world. As a
success, the United Nations Environmental Programme Billion Tree Campaign was
handed over to Plant-for-the-Planet. In only six years, children, together
with adults around the world, have planted over 12 billion trees. The 2020
target is to plant a total of 1,000 billion trees. More information on
Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. 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 | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Nina Das, 212-816-9267
Tyler Daluz, 212-793-5234
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