Darren Buckley, Executive Vice-President and Head of Global Consumer Banking at Citi China
As the COVID-19 situation evolved, our China team has been continuing to take proactive and flexible measures to support our clients and to protect our staff. We announced a series of relief measures in China and across many of our markets globally to support our institutional and retail clients through these difficult times. We have prioritized our support for companies on the front line in the fight against COVID-19 by ensuring they are receiving funds as quickly as possible.
Across the region, precautionary measures and benefits have been put in place to help safeguard our employees and their families, with contingency plans in place to ensure continuity of business. In addition to our operational support, Citi made a donation to relief efforts and it was heartening to see so many of our employees also show their support. For this initiative, we are partnering with the nonprofit China Friendship Foundation for Peace and Development, and all funds will be directed toward front-line hospitals.
According to Citi economists' analysis, much of the shock to the global economy from COVID-19 will take place in the first quarter of this year but clearly a lot depends on how the situation evolves globally further. Locally, with the gradual resumption of work in various industries, Citi is fully prepared to meet the growth of business demand and we are working hard with our clients to get supply chains back up and running.
China is one of the most important markets globally for Citi. We remain committed to supporting all our clients through these challenging times as we continue to focus on our mission to support economic growth and progress in China.
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