RSPO banks are financing non-RSPO Palm Oil companies
Between 2010 and 2016, 8 RSPO member banks were involved in finance to at least 4non-RSPO member palm oil groups operating in South East Asia.Together, these RSPO banks provided corporate loans and revolving credits to the 4 non-RSPO member groups worth USD 212 million. They also held shares in these companies worth around USD 29 million. The top 3 banks providing corporate loans and revolving credits to non-RSPO member companies are Standard Chartered (USD 26 million), HSBC (USD 72 million) and Credit Suisse (USD 94 million).These are initial findings based on analysis of the data from the Forests and Financewebsite. If a palm oil company is member of the RSPO this does not necessarilymeanits operations are certified. Some companies are member for years without certifying
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