Rajeev Kannan, Co-Head of Asia Pacific Division, SMBC (third from left), and Takashi Toyoda, Country Head of SMBC Thailand (fourth from left), at the signing of the sustainability-linked Trade Finance facility with DK Argawal, Deputy Group CEO and Group CFO, Indorama Ventures (second from left), and Ashok Jain, Global Head of Corporate Finance & Treasury, Indorama Ventures (first from left).
Indorama Ventures Public Company Limited has successfully secured its inaugural sustainability-linked Trade Finance facility with Sumitomo Mitsui Banking Corporation (“SMBC”). The USD 50 million facility for the global sustainable chemical company was inked during the signing ceremony yesterday in Bangkok.
This facility will support Indorama Ventures’ working capital, linking the applicable margin that ratchets to the company’s well-established sustainability targets, which include greenhouse gas (GHG) emission intensity reduction, post-consumer PET bale input for recycling, and boosting renewable electricity consumption.
This transaction underscores Indorama Ventures’ commitment to environmental, social, and governance (ESG) goals and reflects its leadership in leveraging sustainable financing in Thailand.
Deputy Group CEO and Group CFO, Indorama Ventures, DK Agarwal, said, “We are pleased to partner with SMBC on this sustainability-linked working capital facility, which supports the commitment Indorama Ventures has towards integrating sustainability. We are dedicated to embedding sustainable finance into every aspect of our daily operations as we build towards achieving our ESG targets.”
Rajeev Kannan, Co-Head Asia Pacific Division, SMBC, said, “It is evident that financial services play a pivotal role in accelerating the global transition toward our net zero future. By working closely with like-minded customers such as Indorama Ventures, SMBC is pleased to support their sustainability journey by developing practical solutions via our suite of sustainable finance products, ESG advisory services and team of experts, enabling customers to make a positive environmental impact.”
“In line with SMBC Group’s commitment to achieve a sustainable finance portfolio of JPY 50 trillion by 2030, we ensure our on-shelf Trade Finance products match various requirements from conventional to holistic supply chain as every move counts towards achieving our ESG milestones to pave the way to a green transition.” added Country Head of SMBC Thailand, Takashi Toyoda. “We believe in the power of working together in the global fight against climate change. When such partnerships are forged between financial institutions and corporate customers, the results will be impactful and help us create a better tomorrow,” said Mr Toyoda.
About Sumitomo Mitsui Banking Corporation
Headquartered in Tokyo, Sumitomo Mitsui Banking Corporation (SMBC) is a leading global financial institution and a core member of Sumitomo Mitsui Financial Group (SMBC Group). Built upon our rich Japanese heritage since 1876, we put our customers first and provide seamless access to, from and within the Asia Pacific region.
SMBC is one of the largest Japanese banks by assets, with over ¥238,700 billion in total assets and strong credit ratings across our global integrated network spanning 39 countries and territories, 15 of which are in the region. Our regional reach extends from corporate and institutional companies to individual customers supported by our Multi-Franchise Strategy in Indonesia, India, Vietnam and the Philippines. We work closely as one SMBC Group to offer personal, corporate and investment banking services to meet the needs of our customers.
With sustainability embedded within our strategy and operations, we are committed to creating a society where today’s generation can enjoy economic prosperity and well-being and pass it on to future generations.
For more information, please visit www.smbc.co.jp/asia/.
