'Different countries have different needs. The micro finance needs of India or the Philippines are certainly different from the financial education, arts and cultural needs of Hong Kong,' he said.

Mr Morse said for a company's corporate social responsibility programmes, including education initiatives, to be effective, the company should work closely with local government and establish strong partnerships with non-governmental organisations and academic establishments to understand community needs.

Citigroup did that with the recent launch of its Financial Education Series, a scheme consisting of 12 financial education programmes organised in conjunction with the government, non-profit-making organisations and other local bodies, such as Radio Television Hong Kong, Education and Manpower Bureau and ET Business College.

Citigroup's Financial Education Series uses the bank's expertise in banking and finance to foster a better understanding about money and financial management in the community.

Programmes included the Citigroup International Case Competition, which aimed to nurture future business leaders through a competition which saw 19 teams of university students from around the world vie for top honours through a real-life business case; the Citigroup Stock Challenge, a two-day programme enabling 14 to 16 year olds to learn the basics of equities and stock investment; the Personal Economics Programme, a six-week programme to help 15 to 16 year olds develop their financial and economic literacy; and the Adventures of Agent Penny, a comic book and drama aimed at teaching fundamental concepts of money management to 10 to 12 year olds.

Citigroup Hong Kong and the Citigroup Foundation contributed about $8 million last year to financial education in Hong Kong, with grants made to partnering organisations, including the Tung Wah Group of Hospitals, the Junior Achievement, the Learning Society and international charity HOPE Worldwide.

According to Richard Welford of CSR Asia, a corporate social responsibility consultancy service, not enough companies in Hong Kong are taking Citigroup's route in creating education programmes.

'Few businesses here devise programmes that make use of their own expertise ... businesses should be less passive in this respect and pass on their experiences more,' Professor Welford said.

He said companies in Hong Kong should focus their resources on specific areas of corporate social responsibility, rather than trying to be all things to all people.

T. C. Chan, Citigroup country officer, Hong Kong, and head of Greater China, corporate and investment banking, said: 'Our corporate responsibility is to build competencies with our customers, with our regulator and within ourselves.

'So with these programmes we hope to achieve a higher level of expertise among students and give the right image and signals to the market.'

While a better corporate image and branding were undoubtedly some of the major carrots for companies to include educational programmes in their corporate social responsibility plans, Professor Welford said businesses were also rewarded through opportunities to identify the brightest minds and talent in schools and universities.

Companies that share their knowledge with the community through mentoring programmes have found additional reward through better staff morale, as employees who give their time to the community develop a greater sense of purpose, development and pride in their company.

Hong Kong students have also benefited from an increase in the number of corporate scholarships and educational programmes.

Some companies, such as Hang Seng Bank, provide training on social responsibility. The bank recently launched the Fight Youth Crime programme, which encourages youngsters to help the police.

Professor Welford said companies looking to create educational programmes should understand the culture.

'It's particularly important for multinationals when considering a global policy. For example, a company might think twice about the contents of a course on women's rights, particularly if that course is going to be held in Muslim countries,' he said.

He also said companies should also be mindful of the role they play and be careful not to exceed it.

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