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SABB Launches Saudi Arabia’s First Green Deposit | |
| Staff Writer |
The first green deposit issued in UAE dirhams is one of the first green deposits made by a financial institution in the Middle East, the banks claimed.
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Funds deposited will be used by HSBC to provide financing for green projects and initiatives such as renewable energy, energy efficiency, green buildings, and biodiversity conservation.
The deal comes just a few months after HSBC launched green deposits in the UAE, it said, adding that it's the third green deposit issued so far.
Mohammed Al-Shaikh, Deputy Managing Director of Treasury at SABB, said: “It gives us great pleasure to announce the Kingdom’s first green deposit which is a true testament of the pivotal role ESG plays in our merged bank’s newly announced strategy. Our partnership with HSBC puts us in a unique position to expand our offering continuously and provide best in class solutions for our customers and the Kingdom as a whole.”
"Clients of HSBC’s green deposits receive a portfolio-level view of how their funds have been deployed to support sustainable projects, with the ability to manage their green account as simple as a regular deposit account," according to the statement