The Saudi British Bank (SABB) has become the first Saudi financial institution to implement a green deposit, and the funds deposited with HSBC in the UAE will only be used to fund green project initiatives. This is the first green deposit to be issued in UAE dirhams and one of the first green deposits to be made by any financial institution in the Middle East.
The deal comes just two months after HSBC launched the green deposit in the UAE, where the interest and appetite for the sustainable financing option was very clear and immediate, considering that this green deposit is the third, to be issued so far.
Antoine Morell, Head of Markets and Securities Services for HSBC, Central and Eastern Europe, the Middle East and Africa, said: “This transaction between the Saudi British Bank (SABB) and HSBC UAE is a great example of the strong relationship and cooperation between the two banks. We are pleased with The Saudi British Bank’s decision to use this product and have been pleased to provide support throughout the process. We are committed to being the leading bank for ESG solutions in the Middle East, and to continue supporting our clients across the region in establishing ESG frameworks and sustainable institutionalization.
“Customers across the region are demanding increased access to green financing facilities and innovative products, to meet their growing ambitions to manage their capital in a more sustainable way,” said Philip Robert, Regional Head of Financial Institutions Sales, International Markets, Global Liquidity and Cash Management at HSBC for the Middle East, North Africa and Turkey. Green deposits have already proven very popular, as companies realize their money is going towards supporting green projects.
HSBC is the first bank in the UAE to launch green deposits, allowing companies and institutions to invest surplus cash in financing sustainable projects, knowing that it will be used to fund green project initiatives.
HSBC Green Deposit customers will have the advantage of getting a comprehensive view of their investment portfolios, seeing how their money is being distributed to support sustainable projects, and the ability to manage their green accounts as simply as any regular deposit account. The funds deposited by HSBC will be used to provide funding for green projects and initiatives such as renewable energy, energy efficiency, green buildings, and biodiversity conservation.
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