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ATM & BranchesSABB Launches Saudi Arabia’s First Green Deposit
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January 2022
The Saudi British Bank (SABB) has announced the launch of a new Shariah-compliant green deposit product, making it the first in the Kingdom to allow retail and corporate clients to safely deposit their money towards green financing initiatives, with their funds generating competitive returns for short to medium term investments.
Clients will have access to a quarterly review of the industries that their funds support, and they can manage their green account as simply as a regular term deposit. The target sustainability themes that client funds may support include renewable energy, clean transportation, sustainable water management, and climate change adaptation.
Mr. Tony Cripps, Managing Director, SABB: “With the Saudi government action toward pursuing an ambitious green agenda, we have seen increased client interest in participating in the transition to a green future. This is just one action to help meet the Kingdom’s aspirations under the Saudi Green Initiative. Launching Green Deposits reflects SABB’s continued focus on sustainability and will help further embed green finance within the Kingdom.”
SABB continues to provide customers with a range of innovative solutions and products linked to sustainability, including its participation as one of the mandated lead arrangers on the SR14 billion financing raised to fund the Red Sea project, as the first green credit facility denominated in Saudi Riyals. In addition to offering customers access to the HSBC Global Equity Climate Change fund via HSBC Saudi Arabia. SABB will continue to support sustainable finance by playing a bigger role in supporting the Kingdom’s long-term development. ESG and sustainability are key to SABB’s 5-year strategy, along with supporting new projects that will help the Kingdom achieve a more sustainable future.
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.