EGA, the first in UAE to open sustainable deposit accounts with Citi and Standard Chartered Bank

Emirates Global Aluminium (EGA), the world's largest 'premium aluminium' producer, has opened sustainable corporate bank accounts with Citi and Standard Chartered Bank. EGA is the first in the region to choose the accounts that ensure cash balances are used to finance or refinance sustainability progress across the economy. For money needed for daily and other short-term activities, EGA uses interest-bearing accounts.

To support financing for environmental and social projects like renewable energy, energy efficiency, sustainable transportation, green buildings, and enhancing access to affordable basic infrastructure and essential services, Citi's sustainable deposit solution aims to assist corporate finance and treasury departments in investing extra cash in deposit accounts.

"The aluminium EGA produces plays a key role in the development of a more sustainable society worldwide. It also matters how sustainably aluminium is made, and we are embedding sustainability throughout our company – from focusing on decarbonisation to reporting publicly on our sustainability progress. Ensuring our cash balances at the bank also contribute to enhancing sustainability economy-wide is in line with the overall direction of EGA," said Zouhir Regragui, Chief Financial Officer of Emirates Global Aluminium.

After introducing its Sustainable Deposit product for the first time in 2019, Standard Chartered has since innovated by submitting meaningful Sustainable Finance products, including Sustainable Trade Finance, ESG structured notes, and Sustainable savings accounts.

"Sustainability is a key strategic priority for our clients and Citi's deposit strategy is one of the innovative ways we've embedded our commitment in our products and services to help our clients advance their sustainability goals by offering sustainable deposit solutions in UAE. We're pleased to be working with EGA and look forward to support EGA in the sustainability journey," said Steven Buonvino, Head of Corporate and Public Sales, Treasury and Trade Solutions, EMEA Emerging Markets at Citi.

The bank's balance sheet compares sustainable assets to the funds in these accounts. Together with industry leaders Sustainalytics, Standard Chartered has created a Green and Sustainable Product Framework that addresses financial inclusion and climate change issues.

Mohammed Salama, Managing Director, Regional Head of Commercial, Corporate and Institutional Banking for MENA at Standard Chartered Bank, stated, "We believe, that the sustainable proposition extends beyond financing, it covers the economy and clients' end-to-end needs. Standard Chartered Bank has been a key catalyst of the sustainability agenda in UAE as well as the MENA region, and our engagement has spread across market leaders and national champions like EGA, offering a wide range of products and services."