Siam Commercial Bank Public: Building a better future
AWC and SCB together set a new benchmark by launching Thailand’s first sustainability-linked loan worth THB 20,000 million in the real estate sector as part of “Building a Better Future”
July 1, 2022, Bangkok, Thailand– Asset World Corp Public Company Limited (AWC), Thailand’s leading integrated lifestyle real estate group, in cooperation with Siam Commercial Bank (SCB), reaffirmed its sustainability leadership after finalizing a THB 20,000 million sustainability-linked loan deal and an ESG-linked interest rate swap.
AWC is the first real estate company in Thailand to receive a sustainability-linked loan and an ESG-linked interest rate swap. As part of its “Building a Better Future” mission, AWC has developed strong sustainability strategies that are implemented in all aspects of the business with its partners, including promoting the efficient use of energy, resource management and reduction of greenhouse gas emissions. AWC’s strategic partnership with SCB will be an important instrument to build capacity in the real estate sector and develop sustainable tourism in Thailand
Arthid Nanthawithaya, Chief Executive Officer, SCBX PCL. states “SCB is the main financial unit of SCB X Group. As a leading financial institution in Thailand, the bank is fully aware of its role in creating a sustainable society and environment. With our strategy “To be a Better Bank”, we focus on sustainable finance with financial products and services linked to sustainable operations to meet the needs of large corporations that value social and environmental responsibility. SCB is proud to AWC’s trust to provide a THB 20,000 million sustainability linked loan and an ESG Interest Rate Swap linked loan This is the first time a real estate company in Thailand has received such a ready. I admire the vision of AWC’s leadership, both for their successful projects with many others currently in development, and for the company’s ability to handle the Covid -19 situation. SCB is confident in the ability from AWC in as a leading real estate company that plays an important role in Thailand’s tourism and economy. I hope SCBX Group by SCB will continue to cooperate with AWC in other projects in the future. Our “To be a Better Bank” strategy and AWC’s “Building a Better Future” mission will together successfully create a better Thai society.”
Wallapa Traisorat Chief Executive Officer and President, Asset World Corp Public Company Limited (AWC) said “AWC’s mission is ‘Building a Better Future’, which includes applying sustainability to all aspects of our business to create long-term value for all stakeholders in the chain. of value. AWC is committed to sustainable activities, such as projects within the hotel group to promote sustainable cities and communities. For example, the Athenee Hotel, a Luxury Collection hotel, Bangkok is the first hotel in the world certified ISO 20121 for sustainable event management systems And Banyan Tree Samui has worked with the Department of Marine and Coastal Resources to relocate green sea turtle eggs and built nursery areas to protect the eggs from predators We are pleased and very proud of SCB’s confidence in the sustainability-linked loan and ESG-linked interest rate swap agreement, and that SCB will use our ESG performance as an important element. nt in the management of this sustainable loan. The loan will be used to develop projects under AWC that will support e fforts towards building a better future for sustainable real estate and sustainable tourism in Thailand.”
AWC and SCB together set a new benchmark for the real estate sector in Thailand to receive a sustainability-linked loan and an ESG-linked interest rate swap, which sets criteria on sustainability performance targets (SPT), including AWC status in the MSCI ESG rating and reduction of greenhouse gas emissions. AWC has developed a sustainability strategy that aims to create long-term sustainable value for all stakeholders. This strategy consists of three main pillars, which are: 1)A better planet to drive the transition to carbon neutrality and build a circular economy, for example by opening reConcept stores for product recycling, implementing renewable energy and energy saving projects to reduce gas emissions greenhouse as well as setting targets to reduce the amount of excess food from the production process and services through AWC’s hospitality business unit; 2)better people by developing people, occupational health and safety and social and community integration, such as “The Gallery” project under the concept of social enterprise to generate income for people in the communities in the region where AWC operates; and 3) Greater prosperity to drive economic development and encourage broader economic prosperity for the lasting benefit of all stakeholders.
“AWC is delighted that SCB has continued to support and trust in AWC’s abilities, to together create long-term value for the country. The loan received has created a new standard for the real estate industry in Thailand to support sustainability will also inspire our business partners to come together to conduct sustainable business and create sustainability for the real estate industry in Thailand that will be recognized internationally,” Wallapa added.
With strong dedication and continuous practice aligned with ESG principles, AWC has received recognition from national and international institutions. In 2021, AWC received an “AA” rating from MSCI ESG Rating, was listed in the Thailand Sustainability Investment (THSI) of the Stock Exchange of Thailand and in the S&P Global Sustainability Yearbook 2022 as a member of the sub -Hotels, Resorts & Cruise Lines category. -industry index with Excellence CG Scoring, and has been certified by Thailand’s Private Sector Collective Action Against Corruption (CAC).
About Asset World Corp Public Company Limited
Asset World Corp Public Company Limited is a holding company of TCC Group which operates a leading integrated real estate development in Thailand. The company has two main activities consisting of the Hospitality businesses managed by top hotel executives from world-renowned hotel brands such as Marriott, The Luxury Collection, Okura, Banyan Tree, Hilton and Sheraton and Retail; and Wholesale and trade properties whose projects include 1) retail and wholesale, such as lifestyle travel destinations, community malls, community markets, and wholesale commercial real estate. Popular real estate projects include Asian the Riverfront Destination, Gateway at Bangsue, AEC Trade Center – Pantip Wholesale Destination and Tawanna Bangkapi, and 2) commercial buildings including the famous Empire Tower and Athenee Tower located in the central business district of Bangkok.
About Siam Commercial Bank
Siam Commercial Bank PCL was established by Royal Charter in 1906 as Thailand’s first bank. As of March 31, 2022, the Bank had total assets of 3,371 billion baht and a market capitalization of 387,501 million baht on a consolidated basis. The bank is one of Thailand’s leading universal banks, offering a full range of financial services through its nationwide network of branches to customers across all segments, including wholesale, SME and retail banking. SCB is committed to becoming Thailand’s “Most Admired Bank” by balancing value propositions for all stakeholders – customers, employees, shareholders, regulators and society – and becoming a leader in shaping the future of the Thai banking sector. For more information, visit https://www.scb.co.th