HSBC SABB secure Saudi Arabia’s first green deposit

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Saudi Arabia

HSBC SABB secure Saudi Arabia’s first green deposit

(SABB) has become the first Saudi Arabian institution to make a green deposit. The funds, deposited with in the UAE, will be used solely to finance green initiatives. It is the first green deposit issued in United Arab Emirates dirham (AED) and one of the first green deposits made by a financial institution in the Middle East. The deal comes just a few months after HSBC launched green deposits in the UAE and interest in the sustainable financing option has been immediate, with this being the third green deposit issued so far. Antoine Maurel, Head of Markets & Securities Services, CEEMEA, HSBC, said: “This deal between SABB and HSBC is a fantastic example of the strong relationship and collaboration between the two banks. We’re very happy that SABB has decided to utilise this product, and it was a pleasure to support them throughout the process. We are committed to being the leading bank for ESG solutions in the Middle East and continue to support our clients across the region in establishing their ESG and sustainable frameworks.” Philippe Robert, Regional Head of FI Sales and International Markets, Global Liquidity and Cash Management, HSBC Middle East, North Africa and Turkey, said: “Clients

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