DBS Bank (Hong Kong) Limited ("DBS Hong Kong") and Gammon Construction Limited (Gammon) have finalised a HK$32 million social performance guarantee to support a public housing project under the Housing Authority of Hong Kong in Lam Tin.Carrying a tenor of 2.5 years, the social performance guarantee is the first such facility issued by DBS Hong Kong on behalf of Gammon. The social performance guarantee will finance the foundation works for a major public housing project in Lam Tin. The social performance guarantee aims to support the development of affordable housing in Hong Kong, which is under one of the eligible “Social Project” categories under the International Capital Market Association (ICMA)’s Social Bond Principles (SBP) 2021.As a leading construction and engineering contractor in Hong Kong, Gammon has implemented one of the earliest green guarantees in the Asia Pacific, including a residential project in Kai Tak. Its commitment to sustainability was also recognised by the Sustainable Finance Certification (Pilot Project) from the Construction Industry Council.Kevin O’Brien, Chief Executive of Gammon, stated, “Our responsibility to the environment and to society is a core part of our business. This social performance guarantee issued by DBS Hong Kong is a milestone in Gammon’s sustainability mission as we strive to deliver excellence in construction while driving positive impact through building affordable housing, to respond to the needs in Hong Kong. We are very delighted to work with our long-term partner DBS Hong Kong on this meaningful project.”Wallace Lam, Managing Director and Head of Institutional Banking Group, DBS Bank (Hong Kong) Limited, remarked, “The DBS Hong Kong team is thrilled to support Gammon in this project under the Housing Authority. Gammon’s industry-leading approach to social and sustainability financing aligns with our own commitment to identify and realise solutions that serve the needs of our clients and communities. We are proud to assist Gammon in making greater strides towards its long-term ESG aims.”
Wallace Lam, Managing Director and Head of Institutional Banking Group, DBS Hong Kong (centre-left), Kevin O’Brien, Chief Executive of Gammon (centre-right) and representatives from DBS Hong Kong and Gammon are present to finalise a HK$32 million social performance guarantee to support a public housing project under the Housing Authority of Hong Kong in Lam Tin.
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About DBS DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Gammon
Headquartered in Hong Kong, Gammon has a reputation for delivering high-quality projects throughout China and Southeast Asia. Its integrated business focuses on civil, building, foundations, electrical and mechanical, facades and interiors work and design, and our construction services division provides considerable plant and steel. The company has a strong building and information modelling department and a digital entity dedicated to furthering the commercial opportunities of its innovation.
Gammon is committed to operating a socially responsible business that is able to deliver clients’ projects to their satisfaction while minimising negative impacts on, and creating positive change for, society and the environment. The company focuses on customers’ needs and how it can best use its abilities and resources to add value for customers through innovative and sustainable solutions.
Jointly owned by Jardine Matheson, an Asian-based conglomerate with extensive regional experience, and Balfour Beatty, a world-class engineering, construction and services group, Gammon employs over 7,000 staff, including one of the strongest technical teams in Southeast Asia.
