Source: Media Outreach
HONG KONG SAR – Media OutReach – 21 August 2023 – DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) and HSH Financial Services Limited (“HSH Financial Services”), a wholly-owned subsidiary of The Hongkong and Shanghai Hotels, Limited (“HSH”), have finalised a three-year HK$800 million sustainability-linked revolving credit facility to facilitate HSH’s general corporate purposes, including the refinancing of its existing indebtedness.
Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Hong Kong (left) and Clement Kwok, Managing Director and CEO of The Hongkong and Shanghai Hotels, Limited (right) finalised a three-year HK$800 million sustainability-linked revolving credit facility to facilitate HSH’s general corporate purposes, including the refinancing of its existing indebtedness.
< >This facility marks the first bilateral sustainability-linked loan between DBS Hong Kong and HSH Financial Services, for which the bank will serve as sole lender. The Key Performance Indicators (“KPIs”) set by HSH Financial Services include reduction in carbon intensity and energy intensity, increase in waste diversion rate, and increase in number of hotels receiving sustainability certification by EarthCheck.
Last year, DBS was among one of the nine banks who signed a GBP£675 million (HK$5.95 billion) three-year term green loan facility with HSH Financial Services, which will continue to fund the construction and operating cost of The Peninsula London project.
Clement Kwok, Managing Director and CEO of The Hongkong and Shanghai Hotels, Limited, commented: “We are delighted to partner with DBS on this new sustainability-linked revolving credit facility. This reflects our company’s strong commitment to incorporate sustainability elements in our business and financing strategy, as set out in our Sustainable Luxury Vision 2030. We appreciate the knowledge and expertise of our partner DBS and look forward to working closely with them to create long-term value for our stakeholders.”
Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, said, “We are pleased to support HSH Financial Services with our first bilateral sustainability-linked loan. As a purpose-driven bank, DBS is committed to promoting responsible banking practices that align with our sustainability mission. We look forward to continuing our partnership with HSH and supporting them in their future developments.”
DBS has an established track record in supporting our real estate clients to meet their financing needs and has been active in structuring, leading and executing landmark and complex real estate financing transactions. As the best bank in real estate[1], DBS Hong Kong had inked first social performance guarantee for Hong Kong public housing development with Gammon Construction Limited, and had secured sustainability-linked financings with Yuexiu REIT and Prosperity REIT in the past 12 months.
Hashtag: #DBS #HSH
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