New product offers corporate clients an innovative way to align their sustainability agenda and cash flow needs
Standard Chartered (“Bank”) today announced the launch of its Sustainable Account. This new product, with the characteristics of a current account, offers large companies the opportunity to contribute to sustainable development while maintaining daily access to their finances for their intraday liquidity management needs.
Deposits in sustainable accounts are used to finance sustainable projects on the basis of Green and sustainable product framework, which is aligned with the United Nations Sustainable Development Goals (SDGs). Surplus cash will be used to tackle some of the world’s biggest long-term threats, including climate change, quality education, clean energy and financial exclusion.
“Financial institutions are in a unique position to play a role in social and economic prosperity by facilitating how customers can contribute to sustainable development,” said George Lee, head of transaction banking at Standard Chartered Americas. “Our sustainable deposit platform allows clients to meet their liquidity needs and sustainability goals in a flexible and transparent way where funds will be referenced against sustainable loans and projects.”
The Bank’s sustainable account offering is part of its suite of sustainable solutions ranging from sustainable trade finance solutions, sustainable bonds and advisory services. Sustainable deposits were first launched in 2019 in the form of term deposits and deposits crossed the $2 billion mark in May 2020 with companies such as Southwire is leveraging this solution to advance its environmental, social and governance goals.
About Standard Chartered
We are a leading international banking group, present in 59 of the world’s most dynamic markets and serving clients in 83 others. Our goal is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here For Good.
Our history in the United States dates back to 1902 and we currently have a presence at eight locations across the Americas. Our Americas franchise focuses on financial institutions and certain businesses and plays a key role in facilitating trade and investment flows between the Americas and Asia, Africa and the Middle East.
Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.