Security Bank Corporation, one of the country’s best capitalized private universal banks, is collaborating with the International Finance Corporation (IFC) to scale up its green financing business and strengthen its institutional framework to support the attainment of its sustainability goals.
Under the agreement, IFC will work with Security Bank to establish a baseline for climate finance, enhance sustainable finance business development capabilities, and improve its climate risk management system.
The project is part of IFC’s 30 by 30 Zero initiative in the Philippines, which aims to help financial institutions to scale-up climate-friendly projects.
“As our understanding of sustainability deepens, we recognize the pivotal role our bank plays in shaping the direction of the economy for growth and development. At Security Bank, we aspire to lead in this space by transforming the financial sector, supporting sustainable growth across various sectors, and propelling the Philippines toward a more sustainable and climate-resilient path,” said John Cary Ong, EVP and Wholesale Banking Segment head.
The bank’s investment banking arm, SB Capital Investment Corporation, helped finance ACEN Corporation’s PHP10 billion ASEAN Green Fixed Rate Bonds, which won the Renewable Energy Financing Program-Philippines award at the ESG Business Awards.
Last month, the bank launched its new Wave Mastercard—the first local credit card made from 100 percent recycled PVC as certified by the ICMA Ecolabel Standard.
“Security Bank has set some ambitious goals as it accelerates its sustainability journey, and we’re excited to be coming onboard as advisors at this critical juncture,” said Jean-Marc Arbogast, IFC country manager for the Philippines. “From defining their climate strategy to helping identify green financing opportunities, IFC is committed to helping Security Bank see through its green transformation.”
