Citibank to plant a tree every time a private client spends $1,000

SINGAPORE: Citibank is set to revitalize the banking experience for its Citigold Private Clients (CPC) with the launch of the new World Elite debit card. Tailored for clients with a minimum of S$1.5 million in assets, this card promises enhanced privileges in travel, services, and lifestyle over the existing World Debit Mastercard platform.

Among the notable upgrades are elevated memberships with internationally acclaimed hotels and expanded travel insurance coverage.

Citibank, in a groundbreaking move, has also  become the first bank in Singapore to join the Mastercard Priceless Planet Coalition. This coalition brings together consumers, financial institutions, and merchants in a collective effort to combat climate change by restoring 100 million trees.

To mark its entry into the coalition, Citibank has committed to restore a minimum of 1,000 trees monthly over the next two years. In collaboration with Mastercard, as well as environmental non-profits Conservation International and World Resources Institute, Citibank aims to make a significant impact on environmental conservation.

Starting March 1, Citibank will tie reforestation efforts directly to the spending habits of CPC clients. For every S$1,000 spent on their World Elite debit card, the bank will plant a tree on behalf of the client.

Brendan Carney, Citibank Singapore Chief Executive Officer, highlighted the importance of sustainability in the bank’s financial offerings and said:

“Our CPC clients are global citizens with interests and responsibilities that transcend geographical borders, and we designed these card enhancements to provide them with even more value as they work, play, and travel globally. We know that sustainability matters to our clients in this top-tier segment, and that’s why we joined the Mastercard Priceless Planet Coalition in tandem with this launch.”

Deborah Heng, Country Manager, Singapore, Mastercard, echoed the commitment to environmental stewardship and emphasized the partnership’s role in setting a new benchmark for premium financial experiences with a sustainable ethos.

This initiative aligns with Citibank’s broader strategy for 2024, following the recent opening of two new wealth centers in Parkway Parade and One Holland Village. The bank plans to introduce further initiatives throughout the year, expanding its product offerings, benefits, and solutions for CPC clients, including exploring alternative investment solutions in the private credit space.