Dubai/Mumbai, September 10, 2024: With the assistance of HSBC Bank Middle East Ltd., PDS is pleased to announce the launch of a strategically significant trade financing facility. This will enable us to serve as the global fashion infrastructure platform and provide a healthy working capital supply that is connected to quantifiable sustainable finance targets for the implementation of important strategic initiatives globally.
Dr. Deepak Kumar Seth, Chairman of PDS, joined Patricia Gomes, Head of Commercial Banking for HSBC in the Middle East, North Africa and Türkiye region and Mohamed Marzooqi, Chief Executive, HSBC UAE, at a signing ceremony in Dubai to mark the launch of this facility and to celebrate the special partnership.
It is a first for HSBC Bank Middle East Ltd as the sustainable finance key performance indicators linked to the facility were standardised and approved by the relevant authorities in two markets – the UAE and Hong Kong – simultaneously. The structure integrates environmental targets into financing strategies and will demonstrably support the ongoing reduction of PDS’ ecological impact.
This five-year agreement represents a significant milestone with HSBC in reshaping how trade financing can directly support sustainability objectives. Under the terms of this partnership, HSBC will reduce financing costs based on achievement of our targets including reductions in greenhouse gas (GHG) emissions, freshwater consumption, and increased global compliance coverage.
Speaking on the partnership, Dr.Deepak Kumar Seth, Chairman, PDS, said, “We are thrilled to partner with HSBC Bank Middle East Ltd on sustainability-linked trade financing initiative. This partnership aligns perfectly with our commitment to driving positive environmental and social impact across our operations. By integrating sustainability targets into our financial strategies, we are not just funding our business but also investing in a better future. This collaboration marks a pivotal moment in our journey towards greater accountability, transparency, and impact, setting new benchmarks for the industry.”
Patricia Gomes, Regional Head of Commercial Banking for HSBC in the Middle East North Africa and Türkiye region, said, “Sustainability is an increasingly critical business agenda across different sectors and industries. This is a meaningful step in our long-term relationship with PDS. We are pleased to have been able to support them in structuring their inaugural sustainability-linked financing, incorporating a set of KPIs that are core and aligned to their sustainability strategy. As a leading bank in the sustainable finance market, we are keen to continue leveraging our expertise and comprehensive solutions to help clients navigate their transition.”
