Security Deposit
HSBC's corporate and institutional clients in the UAE can use their dirham or dollar deposits to make contributions to 'green' projects. Image Credit: Gulf News Archive

Dubai: Corporate clients of HSBC’s UAE operations can now use their deposits for a greater purpose. The UK bank has launched ‘green deposits’, which will allow dollar and dirham deposits to be deployed for funding green initiatives.

HSBC thus becomes the first bank in the UAE to offer this facility as ESG (environmental social governance) principles become more widely accepted by investors and businesses.

Corporate clients will receive a quarterly, portfolio-level view of how their funds have been deployed to support green projects, and they will be able to manage their green account as they would a regular deposit account.

“Our clients have been asking us for solutions that enable them to manage their capital in a more environmentally responsible way,” said Philippe Robert, HSBC’s Interim Head of Global Liquidity and Cash Management in the Middle East, North Africa and Turkey. “While there is still a long way to go to meet critical global climate targets, launching Green Deposits in the UAE reflects the increasing awareness of sustainability and will help embed sustainable finance into corporate treasury management.”

Corporate customers can now incorporate a sustainability agenda into their treasury activities with a simple deposit product, contributing to a greener and more resilient future for the UAE

- Alok Vijayvergiya, HSBC’s Regional Head of Liquidity and Investments in MENAT