Shinhan Bank, First in Domestic Financial Sector to Sign ESG Implementation MOU with GGC

First Achievement After Establishing ESG Global Desk at London Branch Last Month

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 3rd that it has signed a business agreement with the Green Guarantee Company (GGC), the first in the domestic financial sector, to implement global Environmental, Social, and Governance (ESG) initiatives. GGC is an international guarantee institution funded by the UK government and the Green Climate Fund, aimed at supporting climate change-related efforts in developing countries, and is scheduled to be established in June.

Under this agreement, Shinhan Bank plans to expand green financing by utilizing guarantees issued by GGC to support ESG-related funding for companies in developing countries, discover and manage green bonds in emerging markets, and invest in ESG-related companies.

To implement global ESG initiatives, Shinhan Bank strengthened its organizational structure by establishing an ESG Global Desk at its London branch last month. The agreement with GGC is expected by the company to be the first achievement and a full-fledged starting point for expanding global ESG efforts.

Furthermore, this agreement was signed following those with Standard Chartered Bank in the UK, Mitsubishi UFJ Financial Group in Japan, and DBS Bank in Singapore, demonstrating Shinhan Bank’s high interest in ESG among global banks, according to the company.

A Shinhan Bank official stated, "As demand for ESG-related funding is expected to increase globally in the future, we plan to further strengthen support for related companies," adding, "Based on Shinhan Financial Group’s ESG slogan, 'Do the Right Thing for Wonderful World,' we plan to discover new business opportunities such as eco-friendly finance globally and further enhance competitiveness for future growth."

This content was produced with the assistance of AI translation services.