Cathay United Bank’s SLL growth in Q1 2024 exceeds 30% YoY
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Cathay United Bank’s SLL growth in Q1 2024 exceeds 30% YoY

TAIPEI, July 10, 2024 /PRNewswire/ — In response to climate change, Cathay United Bank has set net-zero emission targets to reduce environmental, social and corporate risks, demonstrating its unwavering commitment to environmental sustainability and creating positive economic, social and environmental impact. In addition to helping Taiwanese enterprises with their energy transformation, the Bank is also actively engaging in green financing transactions both domestically and internationally. The Bank’s sustainability loan balance has seen a 15% year-on-year (YoY) increase since 2022, and its sustainability-linked loan (SLL) origination exceeded 30% in Q1 2024. The Bank has played a key role in Asia and Pacific corporations from 18 industries, including Greater China region, Singapore, Malaysia, VietnamAND Philippines taking us one step closer to decarbonising and achieving net zero by 2050.

Alan LeeCEO of Cathay United Bank, noted: “As a member of the Movers and Shakers Coalition on Sustainable Finance, Cathay United Bank aspires to become a leading green finance brand in the industry. In addition to our sustainable engineering projects in Taiwanwe strive to better adapt to international markets and act as a leading force Asia and Pacific corporations in their transition to net zero emissions. By focusing on creating a sustainable financial ecosystem and working with our corporate partners to achieve clean energy and climate action goals, we will achieve sustainability together.”

In order to encourage corporations to invest in new energy opportunities and reduce carbon emissions, Cathay United Bank is keen to promote ESG financing to corporations around the world and aims to maximise the impact of sustainable finance by focusing on countries where Taiwan The new southbound policy such as Philippines, SingaporeAND VietnamFor example, Bank Manila Branch made history as the first Taiwanese bank to sign an SLL agreement Philippinessigning of SLL 1.25 billion PHP with PrimeAsset, a holding company of the renowned Villar Group; this SLL used by PrimeWater, a subsidiary of PrimeAsset, was awarded the Stevie Award for Excellence in 2023.

Cathay United Bank has partnered with the Asian Development Bank to complete Vietnam the largest onshore wind farm financing project. In 2023, the wind farm managed to generate over 120% of its planned energy production, effectively offsetting 215,000 tons of carbon dioxide emissions per year and winning the “Renewable Energy Deal of the Year Wind” award from a renowned international financial journal, Assets. This project is of great importance to the financial industry because it means Taiwan first attempt to enter Southeast Asia green finance market. In 2024, the Bank Singapore Branch has signed its first green trade loan agreement with Apeiron Bioenergy to enable them to produce renewable aviation fuel.

In the future, Cathay United Bank will continue its efforts to develop sustainable finance in Taiwan and align more closely with the international sustainable development framework. By establishing an environmental impact screening mechanism for large project finance transactions, the Bank can integrate sustainability values ​​into its corporate lending process. With the aim of becoming a pioneer in sustainable finance in Asia and PacificThe Bank aims to use its financial influence to ensure that businesses, both domestic and foreign, have the opportunity to achieve both financial success and sustainable development.

SOURCE Cathay United Bank