Awards for Excellence 2020
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The Middle East is a hard market in which to be truly sustainable, given the vast amount of money in the region that is tied to oil now and will be for some time.
But one bank is using every part of its business to help those in the region make the transition or deepen their sustainability commitments.
Once again, HSBC wins the award of Euromoney’s best bank for sustainable finance in the Middle East.
“It is about being deeply engaged,” says Gareth Thomas, head of global banking for the Middle East.
Its list of breakthrough deals over the last year is impressive. HSBC was the sole green structuring adviser, joint global coordinator, joint lead manager and joint bookrunner on the first ever non-sovereign green sukuk issued globally by Majid Al Futtaim last May, and had similar roles for its second green sukuk in October.
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Gareth Thomas |
The bank also boasts multiple leading roles for the first green sukuk in Saudi Arabia in November, a €1 billion deal from the Islamic Development Bank.
Big green deals are what HSBC is known for. And from social loans for microfinance through green loans to SMEs, to project finance advisory to reduce polluted wastewater entering the Gulf, the bank has been supporting positive change through financing.
On the retail side, HSBC launched its green mortgage programme in September last year, updated its green car-loan programme and added green mutual funds to its options for regional customers.
Last year the bank became a founding member of the One Planet Initiative for sovereign wealth funds to integrate climate risk into investment decisions and was also a founding member of both the Dubai and Abu Dhabi Sustainable Finance Working Groups.
That thought leadership extends through to its research and its training. The bank has published a 48-page research report on green buildings in the region, as well as a research report on financing for food resiliency in the region.
HSBC is also working regionally with other partners to help share learning. In 2019 and this year the bank has continued to work with Saudi British Bank to develop its corporate sustainability and sustainable finance capabilities. It is also supporting Saudi British Bank to engage with Saudi-based clients about sustainable finance and to help develop their capabilities.
Finally, in financial inclusion and developing entrepreneurs across the region, HSBC runs numerous programmes and accelerators.
