HONG KONG, Nov. 30, 2020 /PRNewswire/ -- New World Development Company Limited (NWD) and DBS Hong Kong (DBS) have completed Hong Kong's first-ever interest rate swap linked to the United Nations Sustainable Development Goals (UNSDGs), thereby taking a significant step on the journey to sustainability. This derivative transaction is designed to provide a hedge against the interest rate risk related to NWD's 5-year HK$1 billion sustainability-linked loan from DBS, which closed in November 2019.
(From left to right) Ellie Tang, Head of Sustainability of New World Development, Edward Lau, Deputy Chief Financial Officer of New World Development, Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong and Louisa Chau, Managing Director, Hong Kong Conglomerates, Institutional Banking Group of DBS Hong Kong, announced the completion of Hong Kong’s first-ever interest rate swap linked to the United Nations Sustainable Development Goals (UNSDGs).
Under this innovative solution, NWD is eligible to receive sponsorship from DBS to support social innovation projects, if they successfully generate at least eight business-to-business integration opportunities that contribute to the UNSDGs adopted by the New World Sustainability Vision 2030. NWD's social innovation initiatives include Impact Kommons, a UNSDGs-focused startup accelerator and business-integration programme, of which DBS is a social impact partner.
Adrian Cheng, Executive Vice-Chairman and Chief Executive Officer of New World Development, said: "New World Group is committed to connecting business success with social progress and environmental solutions by promoting the United Nations Sustainable Development Goals. We also believe in the power of partnerships to accelerate change, and that is why we have enlisted the support of DBS. With the winning combination of our resources and their expertise in financial innovation, we are joining forces to create shared value for the long-term well-being of society."
Alex Cheung, Managing Director and Head of the Institutional Banking Group of DBS Hong Kong, said: "At DBS, we believe we have a role to play in promoting sustainable development. This ground-breaking transaction demonstrates true leadership in accelerating climate action, and reaffirms our commitment to work with NWD and other like-minded partners to build a sustainable future through innovation and collaboration."
The UNSDGs are a call for action to address a range of social needs, including education, health, social protection and job opportunities, while at the same time tackling climate change and environmental protection. The UNSDGs have been adopted by NWD to standardise its overall sustainability approach across its portfolio of businesses, including practices in property development and management, and to establish energy and carbon-related targets. Both NWD and DBS are also signatories to the United Nations Global Compact and are committed to driving progress towards the UNSDGs in ways that are meaningful to their businesses. For DBS, this includes acting on climate change by partnering with like-minded clients, like NWD, in adopting agreed practices for responsible financing.
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 12 consecutive years from 2009 to 2020.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 29,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
About New World Development
Founded in 1970, New World Development Company Limited ("The Group", Hong Kong stock code: 00017) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A premium brand infused with a unique personality best defined by The Artisanal Movement, New World Group's core business areas include investment in property and property development, and investment in and/or operation of roads, commercial aircraft leasing, construction, insurance, hotels and other strategic businesses. Its Greater China operations, especially in the Greater Bay Area, had a total asset value of approximately HK$600.2 billion as at 30 June 2020. The Group's two listed companies are NWS Holdings Limited (61%), and New World Department Store China Limited (75%). New World China Land Limited is wholly owned by the Group.
