Citi Plans Education Donations Based on Currency-Trading VolumeAndrea Wong
Citigroup Inc. will make donations to six nonprofit groups aimed at improving education in the U.S. and emerging markets based on a percentage of volume from foreign-exchange trading on its electronic platform.
The third-biggest U.S. bank said for the next three months it will donate $1 for every $1 million it executes for clients on its Citi Velocity trading platform, according to Bapi Maitra, Global Head of Institutional e-Commerce Sales.
The nonprofit groups include Civic Builders, which helps neighborhoods in the nation with insufficient resources to build low-cost charter schools in North America, and EMpower, which supports the health and wellness of youths in emerging markets, including Argentina, Brazil and China.
Citigroup is the second biggest currency trader after Deutsche Bank AG, according to Euromoney Institutional Investor Plc.