UOB Thailand grants green trade finance facility to support
Great Wall Motor Thailand’s expansion in fully electric car market
UOB bank
UOB Thailand announced that it has provided around THB400 million green trade financing facility to Great Wall Motor Thailand, in order to support the company's expansion into the fully electric car market through importing ORA Good Cat compact passenger car from China.
The move comes as part of UOB's commitment to promoting sustainable business practices and supporting companies that are working towards reducing their carbon footprint. This green trade finance is a drawdown from the previously-granted credit facilities to help the company’s entry to Thai market.
Mr Tan Choon Hin, President and CEO, UOB Thailand, said, “We are delighted to work with Great Wall Motor Thailand on this stimulating endeavor. The financial aid provided by UOB to Great Wall Motor Thailand is another testament of our commitment to promote sustainable development with our partners as they advance their businesses. UOB's Sustainable Trade Finance solution enables Great Wall Motor Thailand to take advantage of the opportunities arising from the growing demand for fully electric cars, with a strong upward trend expected over the years.”
According to UOB study, the electric vehicle market in Thailand is expected to have a substantial compound annual growth rate of 30 per cent over the next three years.
Great Wall Motor Thailand is one of the leading automotive manufacturers in Asia and has been actively pursuing its goal of becoming a major player in the electric vehicle market. With this new financing facility from UOB, the company will be able to accelerate its plans for growth and innovation.
Mr Michael Chong, General manager of Great Wall Motor Sales Thailand, “UOB has supported us since our first entry into the Thai market last year as we aim to expand our business in ASEAN, with Thailand as our regional headquarter This first green trade facility we received from UOB will help pave the way for us to expand our regional footprints in Thailand. We look forward to collaborating more closely with UOB Thailand now and in the near future.”
ORA Good Cat contributed to more than one-third of the company’s cars sold in 2022. Considering the nascent state of battery electric vehicle market and its positive growth opportunities, Great Wall Motor aims to largely increase sales of its compact passenger car brand in Thailand by this year and plans to start the production of its electric vehicles by 2024.
The green trade facility extended to Great Wall Motor Thailand was approved under the UOB’s U-Drive programme, a comprehensive sustainable financing solution designed to meet the financing needs of EV ecosystem in alignment with the UOB Smart City Sustainable Finance Framework.
UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.
For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with ASEAN.
The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders
UOB Thailand is a fully-licensed commercial bank with its network of 151 branches, 349 ATMs nationwide (as at 31 December 2022). UOB Thailand has consistently been amongst the top rated Thai banks according to Moody’s Investor Service (A3 for Long-Term Bank Deposits rating) and Fitch Ratings (A-) for Long-Term Issuer Default Rating, 'AAA(tha)' for National Long-Term Rating).
17 April 2023
For More information, please contact
Strategic Communications and Brand
United Overseas Bank (Thai) Pcl.
YOrawee Wiriyathananon
Email : orawee.wir@uob.co.th
Tel: (+66) 2343 4040
Orapim Thongbhakdi
Email : Orapim.tho@uob.co.th
Tel: (+66) 82 010 9588