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Global Finance names Standard Chartered Bank as best bank for sustainable finance
Global Finance named Standard Chartered Bank of the UK as the best bank for sustainable finance.
The bank already is a leader in the area, mobilizing more than $5 billion of blended finance for public-sector and development-organization clients, raising more than $10 billion in green bonds and advising regulators on relevant matters.
Standard Chartered created a new Sustainable Finance banking team a year ago to lead all of its business activities in this area. “We’ve identified a gap in the provision of emerging market focused sustainable finance products and assets,” says Simon Cooper, CEO, Corporate, Commercial and Institutional Banking.
Standard Chartered has ceased any new coal-fired financing and is looking into what role it can play with clients in promoting greater disclosure on emissions. The new team, headed by Daniel Hanna, will increase the group’s focus on impact investing and renewable energy.
Standard Chartered is also the leading provider of securities services in many parts of the world, including Asia, Africa and the Middle East. The bank offers top access to China for foreign investors and is the only licensed foreign custodian for local funds. It is the leading volume clearer on the Singapore Exchange and number one in equity settlement in India. The bank also has a 25% market share of assets under custody in South Korea and is the market leader in broker custody in Taiwan.
Standard Chartered leads in subcustody in many African nations, such as Kenya, Ghana, Zambia and Uganda. The bank has deep relations with sovereign wealth funds in the Middle East and offers securities services in Bahrain, Jordan, Oman and the United Arab Emirates. “The Middle East represents a key growth location to us, and our commitment to being a connector bank for our clients is unrivaled,” says Margaret Harwood-Jones, global head of Securities Services.
Global Finance unveiled its 26th annual listing of the best banks globally, regionally and in 149 countries.
The winners outperformed their peers using sustainable business models and good governance, while adapting to rapid change.
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