https://arab.news/2nr2u
- The selected banks are Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered
JEDDAH: 抖阴短视频鈥檚 Public Investment Fund, has hired five banks to be members of an environmental, social and governance panel for its medium-term capital-raising strategy, International Financing Review reported on Monday.
The selected banks are Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered.
Sources told Reuters in July that PIF sent banks a request for proposals to advise the investment fund鈥檚 global capital finance division on an ESG framework for public market capital raising.
PIF鈥檚 development of an ESG framework was likely a precursor for a multibillion-dollar debut bond sale, Reuters reported.
This would be the Saudi wealth fund鈥檚 first. This may take place in the fourth quarter. Once an ESG framework is developed, PIF may need credit ratings and an audit of its finance before it can issue bonds.
PIF declined to comment.
Meanwhile, the Kingdom's Ministry of Finance has appointed HSBC and JP Morgan as joint structuring agents for its sustainability financing framework, according to IFR.