Henkel has successfully executed a Sustainable Deposit in Saudi Arabia. BNP Paribas, the European global banking group, acted to arrange this inaugural deposit for Henkel.
Oct 25, 2022 Dubai
Henkel executes first sustainable deposit in Saudi Arabia
Sustainable deposits are linked to the financing of sustainable development and differ from traditional fixed term deposits. Henkel’s deposits will support BNP Paribas’ portfolio of loans that have direct contribution to the UN Sustainable Development Goals as part of its Environmental, Social and Governance commitments.
The deposit also supports The Kingdom’s Saudi Green Initiative to prioritise and protect the environment in line with Vision 2030.
Henkel, the German multinational chemical and consumer goods company, is committed to a global sustainable agenda across the continents in which the company operates and this debut issuance underlines Henkel’s commitment. Working across businesses, functions and geographies, BNP Paribas met Henkel’s ambition to deploy its own sustainable finance strategy internationally.
Bülent Pehlivan, Head of Finance Henkel India, Middle East & Africa said, “Henkel is committed to sustainable initiatives across the supply chain and we are engaging in a range of innovative ways to create value. We are expanding our partnerships to ensure sustainability is a priority at every point of our business. We are proud to have our inaugural sustainable deposit in Saudi Arabia and thank BNP Paribas for offering sustainable finance solutions to support our goals and activities.”
Amine Bel Hadj Soulami, Regional CEO, Middle East & Africa BNP Paribas noted, “This sustainable deposit with Henkel is the first in Saudi Arabia, and a unique opportunity for both BNP Paribas and Henkel. We are confident that we will leverage this success to provide more sustainable finance opportunities into the region.”