Clifford Chance

Clifford Chance advises Industrial and Commercial Bank of China (ICBC), London Branch, on inaugural green loan

Leading international law firm Clifford Chance has advised ICBC, London branch, as borrower on the bank's first green loan that complies with the Green Loan Principles (GLPs), industry standards which ensure the integrity of the green loan market.

ICBC, China's leading commercial bank, is the first Chinese bank in EMEA to secure a green loan that complies with the Green Loan Principles, highlighting ICBC’s commitment to sustainable financing activities globally while further supporting the green economy transition. The loan will enable ICBC to raise up to ca $400 million for green projects in line with ICBC's newly established Green Loan Framework.

A cross-practice Clifford Chance team, operating collaboratively through the firm's China desk in London, advised ICBC London Branch on the drafting and negotiation of the dual currency term loan facility (USD & GBP) and the extension of its pre-existing Green Bond Framework to reflect the Green Loan Principles.

The London-based Clifford Chance team comprised banking partner Leonard Cleland and global financial markets partner and Co-Head of China Desk Maggie Zhao with support from senior associate Rebecca Shepherd. The transaction reflects Clifford Chance's track-record of innovative financings in the ESG space with the firm having recently advised the Royal Bank of Scotland Group plc on its debut Social Bond, the first of its type by a UK finance institution. Clifford Chance also advised the placement agent on the launch of the world's first sovereign blue bond by the Republic of Seychelles in 2018.