HSBC funding the razing of Indonesian forests, says Greenpeace

Jakarta

GREENPEACE on Tuesday accused banking giant HSBC of helping to arrange billions of dollars in financing for companies whose palm-oil operations have been blamed for destroying vast swathes of Indonesian rainforest.

The environmental group said the British bank - which was part of syndicates that have arranged US$16.3 billion in loans since 2012 - had broken its own guidelines which ban supporting palm-oil companies involved in unsustainable practices.