Citibank 2009 Annual Report Download - page 9

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At the same time, I was inspired by the courage and resolve of our colleagues, who reopened
our operations in Haiti only 11 days after the quake. Our facilities had been almost totally
destroyed, but our colleagues made it clear that they felt they had an obligation to provide
services essential to the recovery effort and to the everyday lives of the people of Haiti. As
a result, they overcame every obstacle, and Citi reopened more quickly than had seemed
possible.
In the end, my trip was a poignant reminder of how important it is for us to understand the
special responsibilities Citi has by virtue of our presence in numerous countries, large and
small, rich and poor. We strive to demonstrate that sense of responsibility in various ways.
One of the most important priorities we had last year was to contribute to economic recovery
in the United States. Citi has been one of the most active institutions in helping people avoid
foreclosures on their mortgages. In fact, since the start of the housing crisis in 2007, we
have helped 824,000 homeowners in their efforts to avoid foreclosure on mortgages totaling
nearly $98 billion. In addition, Citi has been one of the banks serving the largest number of
borrowers under the federal Home Affordable Modification Program. Currently, we are helping
over 1.6 million credit card members manage their card debt through a variety of forbearance
programs.
Citi also is committed to providing small and mid-sized companies access to the credit they
need to expand and hire. We furnished more than $4.5 billion of new and renewed credit to
small and mid-sized businesses in 2009. Citi is now working with the U.S. Department of the
Treasury and the Small Business Administration on several initiatives expected to be launched
in 2010.
During 2009, Citi provided $439 billion in new credit in the United States. When we were in
TARP, we deployed funds to help expand the flow of credit to U.S. consumers, communities
and businesses through various initiatives that were supported by TARP capital. We also were
the only bank to issue regular, detailed reports on how TARP capital was being deployed.
Further, Citi applies its business and philanthropic skills to some of the world’s most pressing
problems. Citi Microfinance, for example, works across our businesses, product groups and
geographies to serve more than 100 microfinance institutions networks and investors in more
than 40 countries. One is Bangladesh, where Citi Dhaka helped arrange a syndicated loan
for $21.7 million for BURO, a not-for-profit that is one of the fastest-growing microfinance
institutions in Bangladesh. BURO serves more than 700,000 customers, 99% of whom are
women. The Citi-arranged local currency loan will support the expansion of micro-lending
to small farmers and marks the first time that a syndicated loan has been structured for a
microfinance institution solely in support of the agricultural sector in Bangladesh.
The Citi Foundation invests in non-governmental organizations committed to the economic
empowerment of low-income households and looks for ways its grants can foster innovative
solutions and produce sustainable and measurable impact. Key results it seeks from its grant
making include increasing the number of microentrepreneurs, growth of small businesses
that create jobs, helping consumers accumulate and preserve assets through savings and
homeownership, and increasing the number of college graduates. The Citi Foundation
was selected to receive the 2010 Community Reinvestment Award for its support of the
Self Employment Tax Initiative, a national demonstration sponsored by the Corporation for
Economic Development to test the delivery of no-cost, high-value, financial counseling and
business development services to low-income entrepreneurs as part of the U.S. annual
income tax filing process. This award honors the work of financial institutions advancing
innovation in financial services and financial education.