This new product, with the characteristics of a Demand Deposit Account, provides large corporates with the opportunity to contribute to sustainable development whilst maintaining daily access to their finances for their intraday liquidity management needs.
Deposits in Sustainable Accounts are used to fund sustainable projects based on the bank's Green and Sustainable Product Framework, which is aligned with the United Nations Sustainable Development Goals (SDGs). The surplus cash will be used in tackling some of the world's long-term threats, including climate change, quality education, clean energy, and financial exclusion.
The Bank's Sustainable Account offering is part of its suite of sustainable solutions ranging from Sustainable Trade Finance solutions, Bond,s and sustainable advisory services. Sustainable Deposits were first launched in 2019 as fixed term deposits, and deposits broke the USD 2 billion mark in May 2020 with companies such as Southwire tapping this solution to advance its Environmental, Social and Governance goals.
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