GENEVA, July 1, 2024 /PRNewswire/ — REYL Intesa Sanpaolo has received FINMA approval for the implementation of its new governance structure. François Reyl becomes a Member of the Bank’s Board of Directors and Chairman of its Strategic Committee. Pasha Bakhtiar, currently a Partner and Member of the Executive Committee, becomes the new CEO of the Bank and Chairman of the Executive Committee. The change will take effect on July 1st, 2024.

Under François Reyl’s leadership, REYL & Cie has expanded from an authorised securities dealer with 15 staff in Switzerland to a fully licensed Bank with 400 employees, an international presence and a diversified business scope. He co-led the incubation of Alpian, Switzerland’s first digital private bank and, in 2021, initiated the negotiations that resulted in the Bank’s strategic partnership with Fideuram – Intesa Sanpaolo Private Banking. François Reyl will continue to oversee the development of the Group’s strategic activities from a non-executive standpoint.

François Reyl, Partner and Chief Executive Officer, comments: “After 22 years in an executive role at Reyl & Cie, I am very pleased to hand over to Pasha Bakhtiar the role of ensuring the continuation of our operational activities and supporting the development of the Group’s strategy. This transition is the logical and planned evolution of REYL & Cie since its integration into the Intesa Sanpaolo Group in 2021.”

Pasha Bakhtiar, Partner, adds: “I am very honoured to pursue François Reyl’s entrepreneurial success as Chief Executive Officer of the Group and to bring my full commitment to the pursuit of our high value-added activities for all our clients, working closely with and for the benefit of all shareholders and our employees.”

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About REYL Intesa Sanpaolo
www.reyl.com

Founded in 1973, REYL Intesa Sanpaolo is a diversified banking group with offices in Switzerland (Geneva, headquarters, Zurich, Lugano), Europe (London, Luxembourg, Malta) and the rest of the world (Singapore, Dubai). It manages assets in excess of CHF 20 billion (more than CHF 30 billion including minority interests) and employs around 400 professionals. In 2021, it entered into a strategic partnership with Fideuram – Intesa Sanpaolo Private Banking, a leading European banking player. Fideuram ISPB currently holds a 73% stake in REYL & Cie Ltd.

Developing an innovative approach to banking, REYL Intesa Sanpaolo serves a clientele of international entrepreneurs and institutional investors through its Wealth Management, Corporate Finance, Asset Services, and Asset Management business lines.

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HANOI, Vietnam, July 1, 2024 /PRNewswire/ — Asian Infrastructure Investment Bank (AIIB) provides an investment of US$75 million to the green and blue bonds issued by Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB).

AIIB’s US$75 million investment in SeABank’s green and blue bond project is expected to further strengthen the Bank’s strong capital base to expand financing for sustainable economic activities linked to the sea and water, and grow green assets such as green buildings, renewable energy and energy efficiency.

“Viet Nam’s Nationally Determined Contribution lays emphasis on the importance of resource mobilization from financial and international credit institutions to support climate mitigation and adaptation ambitions. AIIB is very pleased to work together with SeABank and IFC in this innovative transaction, which will supplement the on-going measures to reduce greenhouse gas emissions and contribute to the thematic capital market development,” said Gregory Liu, AIIB Director General of Financial Institutions and Funds, Global. “We look forward to seeing more issuances from other Vietnamese financial institutions in future.”

Following SeABank’s sustainable commitment, one of our priorities in the current period is to issue the first blue bond in Vietnam and to issue the first green bond by a private commercial bank in the country. We hope the partnerships with financial institutions such as AIIB and IFC could supplement SeABank with capital sources to foster green credit and sustainable strategies associated with green and blue economy” – said Le Thu Thuy, Vice Chairwoman of the BOD, SeABank.

The investment was mobilized by the co-investor introduction of IFC – SeABank’s strategic partner in terms of sustainable projects, in partnership with the Australian government. Previously at the end of June, IFC provided a US$150 million financing package which includes investments in SeABank’s blue and green bonds. 

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Sharing the same goal of promoting Vietnam’s sustainable economy, together AIIB and IFC are investing US$150 million in SeABank’s blue and green bonds. Further, IFC will advise SeABank on the bond issuance, application of related frameworks, and pipeline development.

With its sustainable development goal, in recent years, SeABank has continuously prioritized application of E&S risk management, implementation of financial inclusion and green finance projects. As a result, the Bank has been entrusted with and has received continuous investments from various international financial institutions such as DFC, IFC and ADB with a total capital of approximately US$850 million.

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The partnership aims to develop up to 3GW of solar capacity and marks Gunvor’s expansion into the solar sector alongside renewable energy specialist Quercus

LONDON, July 1, 2024 /PRNewswire/ — Gunvor Group (“Gunvor”), a leading global energy commodities trading company, together with Quercus Real Assets Limited (“Quercus”), the London-based renewable specialist focused on international investments within the Energy Transition, proudly announce a landmark solar development partnership that targets the development of up to 3 gigawatts (GW) of solar photovoltaic (PV) capacity in Italy.

Under the terms of the deal, Quercus will draw on its established track record of developing renewable projects—from permitting to “ready to build” status—and combine that with Gunvor’s ability to fund, manage, and optimize assets through power purchasing agreements (“PPAs”). The solar sites will be strategically located across all regions in Italy, granting Gunvor the option to acquire and enter into PPAs with the assets.

“Gunvor’s first material investment in the solar space fully aligns with Nyera’s commitment to the Energy Transition and our ambition to build up a renewable power portfolio.” said Fredrik Törnqvist, Managing Director of Nyera, Gunvor’s renewables investment vehicle.

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The Italian solar market is among the most advanced in Europe, thanks to a well-developed regulatory framework and recent legislative changes that support the integration of solar infrastructure with agriculture.

 “Given the essential role of agriculture in the Italian economy, it is crucial to align solar investments with agricultural preservation to ensure long-term sustainability,” said Diego Biasi, co-founder and CEO of Quercus. “At Quercus, we have consistently invested in renewables to enhance our surroundings. I am pleased to collaborate with a prominent partner like Gunvor, sharing our values and advancing our successful investment initiatives.”

Aldo Della Valle, Gunvor’s Head of Power & Natural Gas Trading, added: “This landmark solar venture will further complement Gunvor’s recently announced intention to acquire bp’s Spanish powerplant and is another step in our strategy of building up a portfolio in Europe composed of conventional flexibility and renewable power positions to enhance our power and gas trading activities.”

The deal remains subject to regulatory approval and other customary closing conditions.

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About Quercus Real Assets
Quercus Real Assets Limited is a renewable energy specialist focused on energy transition investments, with offices in London and Dubai.

Diego Biasi and Simone Borla founded Quercus by establishing a Luxembourg-based fund which successfully completed over €1bn in gross investments from inception in five different successful strategies. In January 2020, Diego Biasi started to steer Quercus’s business in response to the evolution of the energy sector into a more diversified strategic investment approach. Quercus has successfully completed over 40 deals up to date.

Since 2010 the strategy of the company has been founded on the belief that the creation of long-term environmental and social capital underpins and strengthens investors’ and shareholders’ returns. Quercus is committed to developing business opportunities and supporting responsible investments for sustainable income and capital returns while contributing to a carbon-neutral future.

For further information, please visit www.quercusrealassets.com

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2023 generated US $127 billion in revenue on 177 million MT of volumes. For more information, visit GunvorGroup.com.

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About Nyera
Nyera, a wholly-owned subsidiary of Gunvor Group, is dedicated to identifying Energy Transition investments, including new sustainable commodities and businesses. Nyera’s trading and investment activities are performed on a commercial basis, and the company is deliberate in entering areas of opportunity that will ensure a sustainable long-term model. Current areas of investment include solar, biofuel, biogas, green hydrogen, renewable natural gas, and zero-emission maritime transportation, among other renewables-focused projects. For more information, visit Nyera.com.

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