The UAE’s First Abu Dhabi Bank has launched a new sustainability-linked current account for corporate clients in an effort to help companies achieve environmental, social, and corporate governance objectives.
As with traditional current accounts, FAB corporate clients will be able to use their sustainable accounts to retain their intraday liquidity for business needs, and to carry out daily payables and receivables, the bank said in a press release.
Meanwhile, FAB said it will ensure that cash amounts held in the account are used to fund sustainable projects based on FAB’s Sustainable Finance Framework.
Landmark Retail, an omnichannel retailer, is the first corporate to open a sustainable current account with FAB in line with its commitment to convert its Treasury products to sustainable ones, it said.
This comes as FAB is growing its portfolio of ESG-linked products and services, including sustainability-linked loans and green bonds. It was among the first in the UAE and Gulf Cooperation Council to issue a green bond in 2017 and to join the global Net-Zero Banking Alliance in 2021.
Mustafa Al Khalfawi, head of Global Banking UAE & Global Head of Government, Sovereigns & Public Sector at FAB, said, “We are pleased to partner with Landmark Retail in piloting our new sustainable account offering in the UAE. This partnership demonstrates our staunch commitment to key stakeholders in our core market as they embark on strategic and operational shifts necessary to deliver on their ESG aspirations.”
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