Korea's best bank for ESG 2023: Shinhan Bank
The first domestic bank in Korea to produce a sustainability report, Shinhan Bank is named best bank for environmental, social and governance in the country after pursuing a robust sustainable agenda through financing activities and a series of sustainable partnerships.
Last year marked the publication of the bank’s second sustainability report, covering a period where it financed deals, launched initiatives and entered into partnerships all intended to improve the country and region’s sustainability.
Green bonds were the most impactful product in the green space. The highlight was bank’s $500 million issue of Korea’s first climate bond during the awards period. It also issued a W1 trillion ($760 million) green bond and an A$400 million ($262 million) social bond.
The bank has entered a series of ESG-driven partnerships. These included a memorandum of understanding with Korea’s ministry of environment to support green finance and an ESG cooperation with domestic telecoms group SK, whereby the bank will reduce interest rates to no more than 2% to businesses that meet certain ESG criteria.