First Abu Dhabi Bank (FAB), the largest bank in the UAE and one of the biggest and safest financial institutions in the world, has expanded its role as an environmental pioneer for the UAE banking industry by launching a new sustainability-linked current account for corporate clients.
By supporting sustainable development and being incorporated into daily cash management, the new FAB Sustainable Account will assist clients in reaching ESG targets.
FAB corporate clients will use the FAB Sustainable Account to maintain their intraday liquidity for business needs and to conduct regular payables and receivables, just like they would with a standard current account.
FAB will make sure that funds in the account are used to finance sustainable initiatives in the interim using its Sustainable Finance Framework.
In keeping with its objective to replace its Treasury products with sustainable ones, Landmark Retail, the foremost omnichannel retailer in the region, is the first business to open a sustainable current account with FAB.
The account is a significant addition to FAB’s expanding offering of ESG-related goods and services, which already includes green bonds and loans tied to sustainability. It also exemplifies FAB’s continuous leadership in the banking industry’s efforts to promote sustainability, including its distinctions as the first bank in the UAE and the GCC to issue a green bond in 2017 and the first to join the international Net-Zero Banking Alliance in 2021.
Mustafa Al Khalfawi, Global Head of Government, Sovereigns & Public Sector at FAB and Head of Global Banking UAE, remarked,
“We are happy to collaborate with Landmark Retail in the UAE to pilot our new sustainable account offering. This collaboration shows our unwavering dedication to supporting important constituencies in our core market as they make the strategic and operational changes required to realize their ESG ambitions.
Looking ahead, we’ll keep cooperating closely with our key partners to support a common ESG goal by bringing cutting-edge, significant solutions to their basic banking needs”, Senior Managing Director and Head of Global Transaction Banking for FAB, Sanjay Sethi, stated,
“FAB is aware that many of its clients want to do more to combat climate change and support programs with a larger environmental and social goal, but also must weigh doing so against meeting their commercial needs.
The FAB Sustainable Account integrates sustainability into clients’ cash management while bringing together their corporate and environmental objectives”, Rajesh Garg, the chief financial officer of Landmark Retail and head of the company’s sustainability program, commented on the opening of the sustainable account.
“Affordable & Accessible product offerings for everybody have been a hallmark of Landmark Retail. All along our value chain, we are dedicated to becoming a circular and climate-positive firm by promoting sustainable operations, sustainable products, and sustainable customer experiences.
Earlier this year declared our intention to work with our banking partners to transform our Treasury products into sustainable ones. We are excited to work with FAB by putting our bank liquidity in a long-term current account.”