Saudi British Bank makes the region’s 1st green deposit with HSBC

Saudi British Bank makes the region’s 1st green deposit with HSBC

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Saudi British Bank (SABB) has become the first Saudi Arabian institution to make a green deposit. The funds, deposited with HSBC in the UAE, will be used solely to finance green initiatives.

It is the first green deposit issued in the United Arab Emirates dirham (AED) and one of the first green deposits made by a Middle Eastern financial institution. The deal comes just a few months after HSBC launched green deposits in the UAE, and interest in the sustainable financing option has been raising, with this being the third green deposit issued so far.

HSBC is the first bank in the UAE to offer green deposits, which allow companies and organizations to invest surplus cash funds in sustainable projects with the assurance that the proceeds would be utilized to fund green activities.

The clients of HSBC’s green deposits get a portfolio-level view of how their fund is being used to support sustainable projects, and they can manage their green account just like a regular deposit account. HSBC will use the funds deposited to fund green projects and initiatives such as renewable energy, energy efficiency, green buildings, and biodiversity conservation.

Mohammed Al ShaikhDeputy MD – TreasurySABB

“It is a great pleasure to announce the