Sustainable Finance

HSBC Named Egypt's Best Bank for ESG by Euromoney

Published on: 20 July 2022 03:45 PM
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HSBC has been recognised as the Best Bank for Environmental, Social, and Governance (ESG) in Egypt at the Euromoney Awards for Excellence 2022.

This award follows seven other wins for HSBC in the Middle East—more than any other bank in the area. HSBC is the Best Investment Bank and Best Bank for Sustainable Finance in the Middle East for the fourth consecutive year.

Since the award's inception in 2018, only HSBC has held the title of Middle East's Best Bank for Sustainable Finance. HSBC was crowned Asia's Best Bank for Sustainable Finance and the World's Best Bank for Trade Finance for the fifth consecutive year.

HSBC Egypt CEO and Deputy Chairperson, Todd Wilcox, said: 

“Being recognised as the Best Bank for ESG demonstrates our commitment to building a business for the long term and developing relationships that last. With the COP27 UN climate change conference coming to Sharm el-Sheikh in November, our ambition is to support Egypt’s government and businesses as valued partners as we take action on the transition to a low carbon future.”

Stephen Moss, HSBC Regional Chief Executive for the Middle East, North Africa and Turkey (MENAT), said: 

“Our aspiration to be the global leader in supporting our clients with their cross-border banking needs, together with helping lead the transition to a global net-zero economy, are key pillars of HSBC’s strategy. Being recognised as the Middle East’s Best Investment Bank and Best Bank for Sustainable Finance is a clear reflection that we are making good progress on our stated ambition to be the preferred international banking partner for our clients.”

Ahead of Egypt's hosting of COP27, HSBC joined a coalition of Energy transition leaders - under the auspices of the Egyptian Minister of Petroleum and Mineral Resources – to sign an MOU to support the decarbonisation of select operating downstream facilities in Egypt.

HSBC wants to provide up to $1 trillion in global financing and investment to facilitate the transition to a net-zero global economy by 2030. The bank's operations and supply chain will be carbon neutral by 2030.

Helmy Ghazi, Deputy CEO and Head of Global Banking for HSBC Egypt said: 

"Our unique international footprint makes us well placed to help the government of Egypt drive greater participation of the private sector towards truly sustainable projects. This comes as part of our commitment to unlocking finance solutions that can support our customers as they transition to a net-zero future."

Source: Daily News Egypt

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