DBS Bank Hong Kong has signed a sustainability-linked loan for Chinese down apparel retailer Bosideng at the value of US$35 million. This marks the first sustainability-linked loan for Bosideng as well as the largest loan of its kind in Asia. As a prominent down jacket expert for 46 years, Bosideng is a forerunner in sustainable fashion with a MSCI corporate ESG rating of BBB. value of US$35 million.
The bilateral loan from DBS Hong Kong provides working capital for the ongoing operations of Bosideng subject to the fulfilment of responsible procurement KPIs during the one-year tenor. Under the loan agreement, Bosideng will obtain Responsible Down Standard (RDS) certification for at least 95% of its down apparel.
The RDS is set by the global non-profit organisation Textile Exchange and the company Control Union Certifications, which work closely with all sectors of the textile supply chain.
Gao Dekang, chairman and president of Bosideng International, stated: “As a responsible company, Bosideng will take active steps towards the implementation of China’s ‘dual carbon’ goals and sustainable development. We will work with all parties to continue on our path of sustainable growth and green development of the supply chain with the aim to achieve a sustainable low-carbon future.”
Alex Cheung, managing director and head of institutional banking group of DBS Hong Kong, added: “DBS Hong Kong has long championed sustainability-linked financing as a means of advancing the responsible business goals of our clients. We are proud to support Bosideng as it achieves a new milestone in its sustainable journey.”
Back in July this year, DBS Bank Hong Kong has introduced a brand-new uniform for branch staff to encourage sustainable and environmentally friendly lifestyle.
The wardrobe refresh builds on the brand’s image as a forward-looking bank of the future, presenting its brand value proposition as encapsulated by the “Live more, Bank less” ethos.
From now onwards, DBS Hong Kong’s frontline employees will wear a new casual uniform on Fridays and Saturdays. The uniform not only presents a younger and energetic yet professional look, but also serves as one of the ways to embed environmentally friendly elements and sustainability in every aspect of the business.
At the same time, DBS was also making a big splash with its regional campaign that reflects its belief that, by behaving more like a startup, more like a techie, more like an eco-warrior, and less like a "traditional bank, it can be a bank for the times – because a post-COVID world demands for a different kind of bank. The brand campaign which comes four years after its “Live more, Bank less” positioning, builds on what DBS wants to stand for and aims to defy the status quo of what being a bank means.
The campaign, which will be rolling out across six markets in Asia, namely Singapore, China, Hong Kong, India, Indonesia and Taiwan over the next two months, showcases DBS' commitment to becoming more like a forward looking tech company offering financial services. Done together with Tribal Worldwide Singapore, the campaign will run largely on digital, social and OOH platforms.
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