TAIPEI, Jan. 9, 2023 /PRNewswire/ -- UOB has successfully closed a three-year Sustainability Linked Loan (SLL) of a total amount of TWD1 billion with CHIMEI Corporation. It is the first Singaporean bank to execute an SLL with CHIMEI.  The SLL funds will be used for CHIMEI's energy and greenhouse gas reductions, water resource recycling, and other action plans related to the vision of being "Clean and Green".

The KPI selection of SLL are aligned to the Science Based Target Initiatives (SBTis) where CHIMEI has committed to achieving the carbon reduction target setting of limiting global warming to 1.5°C that is in line with the Paris Accords.  By setting the KPI reducing greenhouse gas (Scope 1 plus Scope 2) emissions by 4.2 per cent per year during the loan period compared with 2021,  CHIMEI is showing their determination to continue to play its role in carbon reduction.

Founded in 1960, CHIMEI designs and manufactures a wide range of cutting-edge performance materials, including advanced polymer materials, synthetic rubbers, and specialty chemicals. Ecologueᵀᴹ is the newly launched portfolio offering sustainable materials through CHIMEI's recycling, bioplastic, and production innovations. CHIMEI believes that making performance materials sustainable could initiate discussions that drive collaboration among colleagues, partners, and across the whole value chain. CHIMEI has converted the dialogue of sustainability into practical action through Ecologue™.

Lisa Chen, Head of Corporate Banking Taiwan, UOB, said "UOB's sustainability finance frameworks simplify the process of obtaining financing for our clients, against clearly-defined, internationally-recognised standards.  We are pleased to support CHIMEI Corporation in its sustainability and green initiative journey, in line with the vision of "Clean and Green" as we work together towards net zero emissions."

About UOB

UOB is a leading bank in Asia with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world's top banks: Aa1 by Moody's Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.

For more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of the social development of art, children and education, doing right by our communities.

Source: United Overseas Bank