Launching the first green deposit in Saudi Arabia in dirhams

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Dubai (Etihad)

The Saudi British Bank (SABB) has become the first Saudi financial institution to implement a green deposit, in cooperation with HSBC Bank in the UAE, and the deposited funds will be used to finance green project initiatives only.
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.
HSBC said in a statement yesterday: “This deal comes two months after HSBC launched green deposits in the UAE, where interest and appetite for the sustainable financing option was very clear and immediately, considering that this green deposit is the third to be issued so far. right Now. 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 Bank UAE is an excellent example of the strong relationship and cooperation between the two banks. We are pleased with the decision of The Saudi British Bank to use this product, and were pleased to provide support throughout the process. We are committed to being the leading bank for ESG solutions in the Middle East and to continuing to support our clients across the region in creating sustainable ESG frameworks.”





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