Rabobank has partnered with Coles Group Limited, acting as joint sustainability coordinator on Coles’ A$1.3 billion four-year sustainability-linked loans (“SLL”), announced this week.
Rabobank Australia CEO Peter Knoblanche said as a global food and agribusiness banking specialist, Rabobank is experienced in providing sustainability-linked finance solutions for clients across the globe.
“And now we are very pleased to have acted as sustainability coordinator for the first time in Australia, working closely with Coles Group on its inaugural sustainability-linked loans,” he said.
Mr Knoblanche said the bank is committed to using its knowledge, networks and financial solutions to support its clients in their sustainability strategies.
“The strategies of both Coles and Rabobank showcase our joint commitment to growing a better world together,” he said.
Mr Knoblanche said Rabobank has built a strong relationship with Coles since its demerger in 2018 and believes the company’s sustainability strategy is one of the leading in the market.
“The sustainability targets Coles has committed to in this SLL underpin its strong corporate ambitions and goals.”
Mr Knoblanche said Rabobank expects the sustainable finance market in Australia and New Zealand to continue to grow exponentially in line with global market trends.
“Many of our corporate food and agribusiness clients are developing clear ambitions and committing to long-term sustainability targets. Linking sustainability performance to the cost of capital is a way to support those companies that are meeting their ambitious commitments,” he said.
Coles Chief Financial Officer Leah Weckert said Coles was pleased to work with Rabobank given the bank’s global experience in SLLs.
“The SLL incentive structure is an effective tool for driving sustainability throughout our business and achieving our ambition to be Australia’s most sustainable supermarket,” Ms Weckert said.
Rabobank Australia & New Zealand is a part of the global Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 120 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 38 countries, servicing the needs of approximately 8.4 million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 93 branches throughout Australia and New Zealand.
Denise Shaw
Head of Media Relations
Rabobank Australia & New Zealand
Phone: 02 8115 2744 or 0439 603 525
Email: denise.shaw@rabobank.com
Skye Ward
Media Relations Manager
Rabobank Australia & New Zealand
Phone: 0418 216 103
Email: skye.ward@rabobank.com