Does Citigroup Inc. support Israel?

Opened a representative office in Tel Aviv in 1996 and in July 2000 became the first international bank to receive a full Israeli banking license. Citi describes itself as having "the largest presence of any foreign financial institution in Israel," serving leading Israeli corporations and institutions; Israel's official disclosures to the SEC list Citibank N.A. as one of only four foreign bank branches operating in the country.

Established its first Innovation Lab in Tel Aviv in 2013, developing AI, security, data-intelligence and trading technology for Citi globally, alongside a fintech accelerator for Israeli startups (four-month cohorts of ten companies with free offices and Citi mentorship). By 2018 the bank employed more than 300 people in Israel and some 80 accelerator alumni had raised over $550 million.

On October 10, 2023, CEO Jane Fraser announced the Citi Foundation would provide $1 million "to humanitarian organizations operating in Israel"; a follow-up note on October 22 identified the recipient as food-rescue nonprofit Leket Israel. The foundation separately gave an additional $1 million, split between UNICEF and Save the Children, for the broader regional humanitarian crisis. The money is the corporate foundation's, not shareholder or client funds.

In a firm-wide note, CEO Jane Fraser wrote: "I know you are all as horrified as I am by the brutality of the terrorist attack on Israeli civilians over the weekend," praising Citi's Israeli employees. Fortune reported that Fraser's early note affirmed support for Israel, while later communications balanced the message as the crisis spread to Gaza and neighboring countries where Citi also operates. These are executive communications, not donations.

Citigroup Global Markets Inc. was one of five underwriters (with BofA Securities, Deutsche Bank, Goldman Sachs and J.P. Morgan) of the State of Israel's $5 billion international bond offering that financed the state budget during the Gaza war. Research by Profundo for BankTrack/PAX identified Citi among seven Western banks that underwrote $19.4 billion of Israeli government bonds between October 2023 and January 2025.