Citi Private Bank has unveiled its new philanthropy advisory solutions in Asia, starting with Singapore, to cater to the growing interest among ultrahigh net worth clients in impactful giving. This initiative, led by the bank’s Global Family Office Group, complements existing wealth management services and aims to provide clients with bespoke philanthropic guidance. The solutions include establishing donor-advised funds and facilitating donations through partnerships with registered charities.
The decision to expand these services across Asia was driven by a significant intergenerational wealth transfer, estimated at $100 trillion, and the distinct philanthropic priorities of the next generation, such as climate change and social inequality. Lee Lung-Nien, Asia South Chairman of Citi Private Bank, noted, “Our new offering caters to a growing trend of clients who want a more structured and customised approach to giving.”
The bank’s annual Family Office survey in 2024 highlighted the need for strategic development and best practice sharing in philanthropy, with over 60% of Asia Pacific family offices identifying these as crucial areas of support. The survey also revealed an increase in family offices seeking external expertise for philanthropy, rising from 21% in 2023 to 24% in 2024.
Citi Private Bank has partnered with the Community Foundation of Singapore (CFS) and AVPN to align clients with meaningful programmes. Catherine Loh, CEO of CFS, expressed enthusiasm for welcoming Citi’s clients into their community of philanthropists. Meanwhile, Naina Subberwal Batra, CEO of AVPN, introduced ImpactCollab, an online platform developed with the Monetary Authority of Singapore and the Gates Foundation, to support strategic social impact.
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