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ING Bank [ING:US], the largest lender in the Netherlands, has announced its plans to expand staff recruitment in Asia to meet the growing demand for green finance in the region, as reported by the South China Morning Post on August 21. Andrew Bester, the head of wholesale banking at ING Bank, stated that the bank will selectively enhance its capabilities in sustainable finance across Asia, aiming to maintain its leadership position in this domain. He noted that ING’s clients in Hong Kong, Asia, and Europe are all moving towards more sustainable business models and supply chains.
The decision to expand staff recruitment follows Bester’s recent visit to Hong Kong, where he engaged with major clients who are pursuing green bonds and sustainable loans to finance their businesses. He acknowledged Hong Kong’s potential to become a hub for green finance, given that local financial regulators are developing a regulatory framework to facilitate sustainable financing. In 2022, green and sustainable bond issuances in Hong Kong saw a 40% year-on-year growth to USD 80.6 billion, representing 35% of total issuance in Asia. ING is not the only major financial institution targeting the growing green finance market in Hong Kong and Asia. On August 16, HSBC [HSBA:LN] also expanded its Greater Bay Area (GBA) Sustainability Fund from an initial USD 5 billion to USD 9 billion. The fund aims to support businesses in Hong Kong, Macau, and nine cities within Guangdong Province in their transition towards sustainable practices.
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