Hang Seng Bank brings green banking to China and Hong Kong
One of the biggest benefits to society of green banking is bringing banking services to the rural poor. China and India are two countries that have a large part of their population with limited access to financial services. Green banking in India has improved significantly due to the efforts of State Bank of India (SBI). Now it looks like a Hong Kong-based bank, Hang Seng Bank, will boost green banking in China. The bank already operates a mainland China network of 38 outlets in Beijing, Shanghai, Guangzhou, Dongguan, Shenzhen, Fuzhou, Nanjing, Hangzhou, Ningbo, Tianjin, Kuming, Foshan and Zhongshan. Hang Seng Bank also maintains branches in Shenzhen for foreign currency wholesale business, branches in Macau and Singapore, and representative offices in Xiamen and Taipei.
Green Banking in China and Hong Kong
Hang Seng Bank is one of the largest Hong Kong banks with a market capitalization of over $200 billion HKD. But the large size has not kept Hang Seng Bank from committing to banking in a socially responsible manner and help the environment and . Here are just a few of the green banking initiatives from Hang Seng Bank:
- By focusing in Greater China, focusing particularly on Pearl River Delta, the Yangtze River Delta and the Bohai Economic Rim regions, Hang Seng Bank is helping bring banking services to the world’s poor.
- Integrated e-statements that include banking transactions, overdraft balances, credit card outstanding balances, mortgage loan balances, insurance plans and MPF account information. The push to paperless banking from Hang Seng Bank is eco-friendly, but can also improve personal financial management for their customers in China and Hong Kong.
- The Hang Seng Green Banking smart ATM card, University Affinity Card and MPOWER Card (Original and Chic) are all made of PETG environmentally friendly materials. The validity period has been extended to four years to minimise the use of resources in support of a green world.
- According to Hang Seng Bank’s corporate policy, social and environmental considerations form an important part of their lending and financing polices. The bank incorporates environmental risk assessments into their credit decisions and supports the Equator Principles, which are used to assess and manage environmental and social risks in project financing. The bank also has guidelines for lending to companies in environmentally sensitive sectors such as the chemical industry, forestry and freshwater infrastructure.
- Hang Seng Bank has initiated green building standards and corporate policies to reduce carbon emissions from their operations. The bank has been carbon neutral since 2007.