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Banking Industry Responds to Tsunami

Citigroup and other banks make generous donations to support tsunami relief.

Below, some of the ways in which banks have extended a generous hand to the people suffering from the tsunami disaster.

Citigroup

Citigroup (New York, 1.26 trillion in assets) will contribute $3 million to support tsunami relief efforts. The contribution will be divided equally between the Red Cross for first response measures in the region; local NGOs in the affected countries; and for rebuilding the affected communities.

Citigroup will also match employee donations to organizations supporting the tsunami relief efforts by making a corresponding contribution to the Red Cross.

TD Bank Financial Group

TD Bank Financial Group (Toronto, $261 billion in assets) has contributed Canadian $250,000 to the Red Cross, and its brokerage subsidiary TD Waterhouse USA has contributed USD$25,000.

Wells Fargo

Wells Fargo (San Francisco, $422 billion in assets) will match up to $250,000 in contributions by its employees to the American Red Cross International Response Fund, UNICEF and Global Impact.

Also, Wells Fargo and ICICI Bank (Mumbai, $32 billion in assets) will waive the $8 transfer fee and the foreign currency fee for their international money transfer service, for U.S.-based customers to send money to family and friends affected by the tsunami. Funds can be accessed via ICICI Bank's 500 branches and 1,790 ATMs.

Sovereign Bank

Sovereign Bank (Wyomissing, Pa., $60 billion in assets) has opened a special account to collect donations for the American Red Cross, and the bank will match up to $50,000 in donations.

Fidelity Bank

Fidelity Bank (Atlanta, $1.2 billion in assets), a subsidiary of Fidelity Southern Corporation, has opened an account to support the Salvation Army Tsunami Relief Fund.

Lakeland Bancorp

Lakeland Bancorp (Oak Ridge, N.J., $2.1 billion in assets), holding company for Lakeland Bank and Newton Trust Company, will act as a depository for the American Red Cross International Response Fund.

This article originally appeared in Bank Systems & Technology eNEWS, a weekly e-mail newsletter. To order a free subscription click here

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