SNB Establishes the 1st Sustainable Finance Framework

Saudi National Bank (“SNB”), the largest banking group in the Kingdom of Saudi Arabia, has published its Sustainable Finance Framework earlier today, thereby becoming the first banking group in the Kingdom to establish a Sustainable Finance Framework, and affirming SNB’s commitment to support the Kingdom’s broader development agenda through Vision 2030 and the Saudi Green Initiative.

SNB’s Sustainable Finance Framework consists of four main pillars, targeting areas such as promoting sustainable financing, preserving the environment, empowering individuals and communities, as well as promoting principles of ethical governance.

“The journey that we are undertaking towards a more sustainable future, in line with Vision 2030 will be pivotal for SNB and the entire Saudi Banking Sector, and we have embarked on this journey in a fully committed manner and this Sustainable Finance Framework is a key step towards sharing our journey with the capital markets,” commented SNB’s Managing Director and Group CEO, Saeed Al Ghamdi.

“This is an important development for SNB, and for the KSA banking sector in general. Based on targets set out in Vision 2030, It provides a clear path towards the goal of a more sustainable future for the Kingdom, the region and, hopefully, the world,” added Wholesale CEO, Talal Al Khereiji.”

SNB has separately obtained a second party opinion from S&P Global Ratings on the framework’s alignment with the International Capital Market Association (“ICMA”) and Loan Market Association (“LMA”) guidelines. HSBC acted as ESG Structuring Agent on the establishment of SNB’s Sustainable Finance Framework.

Saudi National Bank was formed in April 2021 following the merger of the National Commercial Bank and Samba Financial Group. SNB is the largest banking group in Saudi Arabia as well as one of the largest in the MENA region, with total assets of SAR 903 billion, and is listed on the Saudi Tadawul stock exchange. As the Kingdom’s national banking champion, SNB plays a vital role in supporting economic transformation in Saudi Arabia by supporting the financing and delivery of Saudi Arabia’s government programs that support society, the environment and the economy.