The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Wed, August 17, 2022 | 13:38
Citibank Korea helps corporate clients adopt ESG standards
Posted : 2021-09-23 12:24
Updated : 2021-09-23 16:46
Print Preview
Font Size Up
Font Size Down
Citibank Korea CEO Yoo Myung-Soon, center, poses with the bank's ESG Council members at the bank's main branch in Seoul in this June file photo. Courtesy of Citibank Korea
Citibank Korea CEO Yoo Myung-Soon, center, poses with the bank's ESG Council members at the bank's main branch in Seoul in this June file photo. Courtesy of Citibank Korea

By Park Jae-hyuk

Citibank Korea is focusing more on providing its corporate clients with diverse services and products satisfying environmental, social and corporate governance (ESG) standards, under its annual strategic goal of becoming the "Best ESG Bank," the U.S. bank's local subsidiary said Thursday.

Since the second half of last year, the bank has welcomed any Korean conglomerate executives in charge of financial affairs to communicate with Citi's global ESG experts through videoconferencing, giving large domestic companies a chance to study the best ESG practices and cope with the rapidly changing market environment.

In February, Citibank signed a memorandum of understanding with the Korea Trade Insurance Corp. to lend domestic companies money that can be used to help them export more materials, components and equipment, and to make inroads into future industries, renewable energy and environmental mobility in other countries.

Based on its global networks, the lender has also enabled domestic companies, financial institutions and government agencies to raise ESG-related overseas funds.

According to the bank, Citigroup raised over $25 billion to satisfy the needs of the sustainable financing of its Asia-Pacific clients. The amount was a 400 percent increase from a year earlier.

Of the $25 billion, Citibank Korea raised $8.1 billion, as it conducted 17 sustainable finance-related transactions in the Asia-Pacific ― the largest number in the region.

Regarding corporate governance, Citibank Korea appointed Yoo Myung-soon as the first female CEO in the nation's private banking industry. In addition, six among the bank's 14 executives are women.

Citibank Korea launched its 25-member ESG Council in June to raise awareness of ESG values and to provide ESG-related products and services tailored to the needs of customers.

The bank also emphasized that it is operating diverse social contribution programs to contribute to Korean society as a responsible corporate citizen.

For example, the bank signed a partnership with the World Wide Fund for Nature (WWF) Korea under the title "Change Now for Tomorrow," to help prevent the global temperature from rising to 1.5 degrees Celsius above pre-industrial levels.

It has also conducted in-house green campaigns for a more sustainable society, such as reduction in plastic consumption and use of tumblers.


 
LG
  • Korean builders desperate for foreign construction workers
  • 2 Buddhist monks assault solo protester
  • Western, traditional Korean medicine doctors clash over terminology
  • Korea grapples with excess rice
  • Gates calls on Korea to play greater role in fight against COVID-19 pandemic
  • Instructors furious over scaling down of gugak in music teacher education
  • Ruling party chief accuses president of verbal abuse
  • Concerns grow over Korea's pension fund
  • Do Kwon says he will cooperate with investigation
  • NPS reduces Samsung shares, while increasing TSMC stocks
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • Girls' Generation music video director apologizes for copying design Girls' Generation music video director apologizes for copying design
    • 2PM's Lee Jun-ho proves versatility at 'Before Midnight' concert 2PM's Lee Jun-ho proves versatility at 'Before Midnight' concert
    • Star directors' new series to A-listers' small screen comeback expected in coming weeks Star directors' new series to A-listers' small screen comeback expected in coming weeks
    • NewJeans sets record with debut album NewJeans sets record with debut album
    • 'Confidential Assignment 2' has even more action, humor 'Confidential Assignment 2' has even more action, humor
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group