HSBC launches green finance instrument in MENAT with QNB

HSBC launches green finance instrument in MENAT with QNB

British multinational investment bank and financial services holding company HSBC has launched a new green finance instrument in the Middle East, North Africa, and Turkey (MENAT) region, in partnership with Qatar National Bank (QNB).

The green finance partnership is aimed to increase the short-term sustainable funding options for banks, major companies and boost demand for green assets. Partnering with Qatar’s QNB, this is HSBC’s first global green repurchase agreement or repo.

Abdul Hakeem Mostafawi

CEO – HSBC Qatar “This transaction expands the range of green funding solutions we can offer to the market and partnering with QNB on the first green transaction of its kind for HSBC indicates the importance of Qatar and the Middle East to HSBC Group’s strategy – and particularly our ambition to help lead the transition to net zero.”

Meanwhile, Ms. Noor Al Naimi, General Manager, Treasury, and Financial Institutions QNB Group, remarked that “The transaction underscores our continued commitment towards sustainability and environmental principles. This affirms our conviction that sustainability is a strategic imperative as we continue to work with counterparties to boost the sustainable finance ecosystem, and to elevate our green products and capabilities.”

Under this green repurchase repo, HSBC will borrow money from QNB in exchange for ownership