The solutions being offered are led by the US bank's family office group.

Citi Private Bank has launched new philanthropy advisory solutions in Asia, beginning with Singapore. 

The solutions, which are led by the bank’s Global Family Office Group, run alongside existing wealth management and philanthropy advisory products and services already available for ultra-high net worth clients in the US, the bank said in a statement earlier this week.

Clients can continue to fund donations directly to causes and have access to the bank's philanthropic advisory service.

The bank said it expanded its philanthropy advisory solutions across Asia in response to interest among ultra-high net worth clients.

“A $100 trillion inter-generation wealth transfer is occurring, and the next generation often has distinct values and philanthropic priorities such as climate change and social inequality,” Lee Lung-Nien, Asia South chairman, Citi Private Bank, said. “Our new offering caters to a growing trend of clients who want a more structured and customised approach to giving, and draws from Citi Private Bank’s expertise of providing similar services elsewhere.”

Citi Private Bank’s annual Family Office survey in 2024 saw the sharing of best practices and mission strategic development as the main support needed to develop the family office philanthropic expertise, with more than 60 per cent of Asia-Pacific family offices citing these areas as the most helpful support for them.

In addition, APAC family offices are also increasingly seeking external expertise on philanthropy. Citi Private Bank’s annual 2024 survey showed that 24 per cent of them provided services on philanthropy using internal and external expertise, up from 21 per cent in 2023, and 15 per cent of them relied on external expertise to provide these services, compared with 9 per cent in 2023.

Solutions
The new philanthropy solutions have been launched in partnership with two registered charities in Singapore, the Community Foundation of Singapore (CFS) and AVPN. Citi Private Bank’s Global Family Office Group will facilitate connections between clients and the respective charities to align on potential causes and programmes of philanthropic giving and donations.

“Our mission is to bridge donors with the causes closest to their hearts, empowering them to create lasting, meaningful impact. We are eager to welcome Citi Private Bank’s clients into our growing community of thoughtful philanthropists and look forward to sharing our expertise to help them achieve their giving goals,” Catherine Loh, CEO of CFS, said.