Case Studies
top clients and investees of major EU based financial Institutions
- Posted On:
This blog provides an overview of the top forest-risk commodity clients of some of the largest EU banks and investors. The credit values are for the years between 2020 and September 2023, the investment data is for September 2023.
The tables provide the total value allocated to the six forest-risk commodities in the tropical regions that are analyzed by Forests & Finance (beef, soy, palm oil, pulp and paper, timber and rubber), as well as the total value allocated to the company (so this can also include finance and investment for other sectors, and in non-tropical regions).
1. BNP Paribas
Top forest risk clients that received credit from BNP Paribas, 2020-2023
| Row Labels | Total Tropical forest risk Value (in US$ million) | Total Value (in US$ million) |
| Cargill | 94 | 2,137 |
| POSCO | 39 | 1,730 |
| Olam International | 120 | 1,517 |
| Georgia-Pacific Group (Koch Industries) | 14 | 1,100 |
| Archer Daniels Midland | 50 | 712 |
| Suzano | 639 | 639 |
| Bunge | 33 | 482 |
| CMPC | 415 | 420 |
| Bolloré | 1 | 341 |
| Stora Enso | 5 | 324 |
| Louis Dreyfus Company | 8 | 306 |
| Brookfield Asset Management | 0 | 167 |
| Marfrig | 55 | 136 |
| Klabin | 133 | 133 |
| Perkebunan Nusantara Group | 125 | 125 |
| Wilmar | 26 | 114 |
| Grupo Amaggi | 65 | 97 |
| Mitsubishi | 0 | 83 |
| Brazil Agriculture Finance Program | 16 | 83 |
| Sinar Mas Group | 75 | 75 |
| Marubeni | 2 | 70 |
| PTT Group | 0 | 43 |
| Charoen Pokphand Group | 1 | 42 |
| Siat Group | 10 | 10 |
| Grand Total | 1,929 | 10,887 |
Top forest risk companies that BNP Paribas invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Smurfit Kappa Group | 19 | 58 |
| Stora Enso | 1 | 33 |
| Bunge | 2 | 33 |
| Archer Daniels Midland | 2 | 28 |
| Itochu | 0 | 19 |
| Mitsubishi | 0 | 19 |
| Mitsui & Co | 0 | 15 |
| Marubeni | 0 | 14 |
| BRF | 0 | 3 |
| POSCO | 0 | 2 |
| Suzano | 2 | 2 |
| Sumitomo Forestry | 0 | 1 |
| Brookfield Asset Management | 0 | 1 |
| Wilmar | 0 | 1 |
| JBS | 0 | 1 |
| Bolloré | 0 | 1 |
| SLC Agricola | 0 | 0 |
| Cresud | 0 | 0 |
| CMPC | 0 | 0 |
| Minerva | 0 | 0 |
| Marfrig | 0 | 0 |
| Adecoagro | 0 | 0 |
| Grand Total | 27 | 232 |
2. Crédit Agricole
Top forest risk clients that received credit from Crédit Agricole, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Mitsui & Co | 3 | 976 |
| Bolloré | 2 | 680 |
| Suzano | 602 | 602 |
| Stora Enso | 8 | 499 |
| POSCO | 10 | 460 |
| Bunge | 28 | 403 |
| Louis Dreyfus Company | 10 | 398 |
| Sinochem Group | 57 | 383 |
| Itochu | 8 | 333 |
| Marubeni | 7 | 236 |
| Cargill | 9 | 196 |
| Olam International | 10 | 131 |
| Wilmar | 23 | 100 |
| COFCO | 17 | 75 |
| ZTE | 0 | 20 |
| Klabin | 19 | 19 |
| Sumitomo Rubber Industries | 4 | 10 |
| Siat Group | 10 | 10 |
| Grand Total | 826 | 5,530 |
Top forest risk companies that Crédit Agricole invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Smurfit Kappa Group | 144 | 453 |
| Bunge | 27 | 393 |
| Mitsui & Co | 1 | 323 |
| Archer Daniels Midland | 14 | 208 |
| Stora Enso | 2 | 136 |
| Mitsubishi | 0 | 80 |
| Itochu | 2 | 63 |
| Brookfield Asset Management | 0 | 38 |
| Marubeni | 1 | 35 |
| Bolloré | 0 | 24 |
| Jardine Matheson Group | 3 | 23 |
| Suzano | 22 | 22 |
| Samsung | 0 | 18 |
| POSCO | 0 | 18 |
| Adecoagro | 3 | 17 |
| Oji Group | 4 | 14 |
| Genting Group | 1 | 6 |
| JBS | 1 | 6 |
| ZTE | 0 | 5 |
| IOI Group | 5 | 5 |
| CMPC | 4 | 4 |
| PTT Group | 0 | 4 |
| Charoen Pokphand Group | 0 | 4 |
| Batu Kawan Group | 3 | 3 |
| Wilmar | 1 | 3 |
| Salim Group | 1 | 2 |
| QL Resources | 0 | 1 |
| Sime Darby Plantations | 1 | 1 |
| Sinar Mas Group | 1 | 1 |
| Top Glove | 1 | 1 |
| Barito Pacific Group | 0 | 1 |
| Sumitomo Forestry | 0 | 1 |
| Cargill | 0 | 1 |
| Sumitomo Rubber Industries | 0 | 1 |
| Minerva | 0 | 0 |
| Hap Seng Group | 0 | 0 |
| Georgia-Pacific Group (Koch Industries) | 0 | 0 |
| Grand Total | 243 | 1,917 |
Top forest risk clients that received credit from Banco Santander SA, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ mln) | Total Value (US$ mln) |
| Brazil Agriculture Finance Program | 1,950 | 7,057 |
| Cargill | 28 | 637 |
| Brookfield Asset Management | 2 | 629 |
| JBS | 48 | 519 |
| Bunge | 19 | 276 |
| CMPC | 242 | 245 |
| Klabin | 152 | 152 |
| Minerva | 143 | 143 |
| BRF | 0 | 141 |
| Marfrig | 55 | 136 |
| COFCO | 17 | 75 |
| Charoen Pokphand Group | 1 | 70 |
| J&F Investimentos | 63 | 63 |
| Small-scale Agricultural Operators Brazil | 58 | 58 |
| Prima Foods | 55 | 55 |
| Olam International | 4 | 50 |
| Suzano | 38 | 38 |
| Cresud | 1 | 37 |
| Copasul Cooperativa Agricola Sul Matogrossense | 11 | 11 |
| Anin Indústria de Papel | 3 | 3 |
| Viero Moveis Industria E Comercio | 2 | 2 |
| Grand Total | 2,891 | 10,397 |
Top forest risk companies that Banco Santander SA invested in
| Row Labels | Total Tropical forest risk Value (mln US$) | Total Value (mln US$) |
| Suzano | 9 | 9 |
| Cresud | 0 | 7 |
| CMPC | 6 | 6 |
| JBS | 1 | 5 |
| Minerva | 4 | 4 |
| SLC Agricola | 2 | 4 |
| BRF | 0 | 2 |
| Adecoagro | 0 | 2 |
| Smurfit Kappa Group | 0 | 1 |
| Stora Enso | 0 | 1 |
| Mitsui & Co | 0 | 1 |
| Marfrig | 0 | 1 |
| Sumitomo Forestry | 0 | 0 |
| Mitsubishi | 0 | 0 |
| Jardine Matheson Group | 0 | 0 |
| Brookfield Asset Management | 0 | 0 |
| Salim Group | 0 | 0 |
| IOI Group | 0 | 0 |
| Batu Kawan Group | 0 | 0 |
| LG International | 0 | 0 |
| Grand Total | 23 | 43 |
4. Groupe BPCE (Natixis)
Top forest risk clients that received credit from Groupe BPCE (Natixis), 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Olam International | 62 | 775 |
| Bolloré | 2 | 657 |
| Bunge | 26 | 371 |
| Louis Dreyfus Company | 6 | 235 |
| Brookfield Asset Management | 0 | 112 |
| Charoen Pokphand Group | 1 | 90 |
| COFCO | 17 | 75 |
| Siat Group | 10 | 10 |
| Grand Total | 123 | 2,326 |
Top forest risk companies that Groupe BPCE (Natixis) invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Smurfit Kappa Group | 39 | 124 |
| Archer Daniels Midland | 4 | 62 |
| Bunge | 2 | 27 |
| Brookfield Asset Management | 0 | 18 |
| BRF | 0 | 15 |
| Klabin | 12 | 12 |
| Cargill | 0 | 10 |
| Stora Enso | 0 | 10 |
| Bolloré | 0 | 7 |
| Georgia-Pacific Group (Koch Industries) | 0 | 4 |
| POSCO | 0 | 4 |
| Itochu | 0 | 3 |
| Mitsubishi | 0 | 2 |
| Genting Group | 0 | 2 |
| Mitsui & Co | 0 | 2 |
| Marubeni | 0 | 1 |
| Wilmar | 0 | 1 |
| Samsung | 0 | 1 |
| SLC Agricola | 0 | 0 |
| Sumitomo Forestry | 0 | 0 |
| Sumitomo Rubber Industries | 0 | 0 |
| Oji Group | 0 | 0 |
| LG International | 0 | 0 |
| CMPC | 0 | 0 |
| Marfrig | 0 | 0 |
| Grand Total | 59 | 306 |
5. Société Générale
Top forest risk clients that received credit from Société Générale SA, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Brookfield Asset Management | 3 | 1,145 |
| Louis Dreyfus Company | 10 | 409 |
| Bolloré | 1 | 341 |
| Cargill | 12 | 265 |
| Olam International | 6 | 82 |
| Marubeni | 2 | 70 |
| Bunge | 1 | 12 |
| Siat Group | 10 | 10 |
| Grand Total | 45 | 2,332 |
Top forest risk companies that Société Générale SA invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Brookfield Asset Management | 0 | 3 |
| Archer Daniels Midland | 0 | 2 |
| Bunge | 0 | 2 |
| Adecoagro | 0 | 1 |
| Grand Total | 0 | 8 |
6. Deutsche Bank
Top forest risk clients that received credit from Deutsche Bank, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ mln) |
| Cargill | 88 | 2,015 |
| Brookfield Asset Management | 5 | 1,875 |
| Archer Daniels Midland | 82 | 1,190 |
| Noble Group | 0 | 350 |
| Georgia-Pacific Group (Koch Industries) | 4 | 300 |
| Marubeni | 7 | 236 |
| Bunge | 14 | 208 |
| Louis Dreyfus Company | 2 | 82 |
| Charoen Pokphand Group | 1 | 75 |
| Stora Enso | 1 | 55 |
| Olam International | 4 | 53 |
| Wilmar | 10 | 46 |
| PTT Group | 0 | 43 |
| Sinochem Group | 23 | 25 |
| Grand Total | 242 | 6,553 |
Top forest risk companies that Deutsche Bank invested in, as of Sep 2023
| Row Labels | Total Tropical forest risk Value (mln US$) | Total Value (mln US$) |
| Smurfit Kappa Group | 70 | 221 |
| Archer Daniels Midland | 15 | 217 |
| Surya Dumai Group | 210 | 210 |
| Bunge | 14 | 200 |
| Itochu | 4 | 143 |
| Mitsubishi | 0 | 134 |
| Mitsui & Co | 0 | 110 |
| Marubeni | 2 | 63 |
| Brookfield Asset Management | 0 | 51 |
| Jardine Matheson Group | 4 | 42 |
| POSCO | 1 | 42 |
| ZTE | 0 | 30 |
| Stora Enso | 0 | 29 |
| SLC Agricola | 11 | 22 |
| Cargill | 1 | 20 |
| Samsung | 0 | 14 |
| Bolloré | 0 | 12 |
| Suzano | 11 | 11 |
| Wilmar | 2 | 9 |
| Oji Group | 2 | 7 |
| IOI Group | 6 | 6 |
| CMPC | 5 | 5 |
| Adecoagro | 1 | 4 |
| JBS | 1 | 4 |
| Barito Pacific Group | 0 | 4 |
| Salim Group | 1 | 3 |
| Sinar Mas Group | 3 | 3 |
| PTT Group | 0 | 3 |
| Batu Kawan Group | 2 | 3 |
| QL Resources | 0 | 3 |
| Sime Darby Plantations | 3 | 3 |
| Genting Group | 0 | 2 |
| Georgia-Pacific Group (Koch Industries) | 0 | 2 |
| Charoen Pokphand Group | 0 | 2 |
| Sumitomo Forestry | 0 | 1 |
| Top Glove | 1 | 1 |
| Sipef | 0 | 0 |
| Sumitomo Rubber Industries | 0 | 0 |
| Hap Seng Group | 0 | 0 |
| BRF | 0 | 0 |
| Harita Group | 0 | 0 |
| Marfrig | 0 | 0 |
| Grand Total | 371 | 1,637 |
7. Crédit Mutuel Group
Top forest risk clients that received credit from Crédit Mutuel Group, 2020-2023
| Row Labels | Total Tropical forest risk Value (mln US$) | Total Value (mln US$) |
| Bolloré | 0 | 61 |
| Grand Total | 0 | 61 |
Top forest risk companies that Crédit Mutuel Group invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (mln US$) | Total Value (mln US$) |
| Smurfit Kappa Group | 9 | 29 |
| Stora Enso | 0 | 6 |
| Alicorp | 0 | 4 |
| Archer Daniels Midland | 0 | 2 |
| Itochu | 0 | 2 |
| Bunge | 0 | 0 |
| Grand Total | 10 | 42 |
8. Intesa Sanpaolo
Top forest risk clients that received credit from Intesa Sanpaolo, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Olam International | 45 | 564 |
| Archer Daniels Midland | 10 | 147 |
| Cargill | 3 | 80 |
| Bunge | 3 | 50 |
| Royal Golden Eagle Group | 25 | 48 |
| Grand Total | 87 | 888 |
Top forest risk companies that Intesa Sanpaolo invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Bunge | 5 | 67 |
| Smurfit Kappa Group | 11 | 35 |
| Itochu | 1 | 32 |
| Stora Enso | 0 | 29 |
| Archer Daniels Midland | 2 | 26 |
| Mitsubishi | 0 | 24 |
| Mitsui & Co | 0 | 21 |
| POSCO | 0 | 21 |
| ZTE | 0 | 15 |
| Marubeni | 0 | 15 |
| Wilmar | 3 | 15 |
| Brookfield Asset Management | 0 | 10 |
| Jardine Matheson Group | 1 | 10 |
| Suzano | 7 | 7 |
| CMPC | 5 | 5 |
| Oji Group | 1 | 5 |
| IOI Group | 4 | 4 |
| Samsung | 0 | 4 |
| Bolloré | 0 | 3 |
| Genting Group | 0 | 1 |
| Salim Group | 0 | 1 |
| Sime Darby Plantations | 1 | 1 |
| SLC Agricola | 0 | 1 |
| Barito Pacific Group | 0 | 0 |
| Top Glove | 0 | 0 |
| Batu Kawan Group | 0 | 0 |
| QL Resources | 0 | 0 |
| Minerva | 0 | 0 |
| PTT Group | 0 | 0 |
| Sinar Mas Group | 0 | 0 |
| JBS | 0 | 0 |
| Marfrig | 0 | 0 |
| Charoen Pokphand Group | 0 | 0 |
| Grand Total | 45 | 353 |
9. ING Group
Top forest risk clients that received credit from ING Groep NV, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Olam International | 51 | 638 |
| Bunge | 19 | 273 |
| Archer Daniels Midland | 18 | 260 |
| Louis Dreyfus Company | 6 | 212 |
| Bolloré | 0 | 94 |
| COFCO | 17 | 75 |
| Marubeni | 2 | 70 |
| Musim Mas Group | 59 | 59 |
| Cargill | 2 | 45 |
| Sinochem Group | 5 | 5 |
| Grand Total | 178 | 1,730 |
Top forest risk companies ING Groep invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (mln US$) | Total Value (mln US$) |
| Bunge | 1 | 11 |
| Archer Daniels Midland | 1 | 9 |
| Grand Total | 1 | 20 |
10. UniCredit SpA
Top forest risk clients that received credit from UniCredit SpA, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Archer Daniels Midland | 48 | 688 |
| Louis Dreyfus Company | 7 | 284 |
| Olam International | 6 | 75 |
| Bunge | 1 | 9 |
| Grand Total | 62 | 1,056 |
Top forest risk companies that UniCredit SpA invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (mln US$) | Total Value (mln US$) |
| Sumitomo Forestry | 1 | 5 |
| Stora Enso | 0 | 0 |
| Grand Total | 1 | 5 |
11. La Banque Postale
Top forest risk clients that received credit from La Banque Postale, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Bolloré | 0 | 129 |
| Grand Total | 0 | 129 |
Top forest risk companies that La Banque Postale invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Smurfit Kappa Group | 24 | 74 |
| Stora Enso | 1 | 56 |
| Oji Group | 0 | 2 |
| Jardine Matheson Group | 0 | 1 |
| IOI Group | 0 | 0 |
| Batu Kawan Group | 0 | 0 |
| CMPC | 0 | 0 |
| Grand Total | 26 | 133 |
12. Banco Bilbao Vizcaya Argentaria (BBVA)
Top forest risk clients that received credit from BBVA – BME, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Olam International | 48 | 608 |
| Bunge | 21 | 310 |
| JBS | 0 | 227 |
| COFCO | 38 | 175 |
| Archer Daniels Midland | 10 | 147 |
| Cargill | 6 | 133 |
| CMPC | 121 | 122 |
| Minerva | 0 | 82 |
| Klabin | 33 | 33 |
| Cresud | 0 | 19 |
| Grand Total | 279 | 1,856 |
Top forest risk companies that BBVA – BME invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Smurfit Kappa Group | 2 | 6 |
| Mitsui & Co | 0 | 4 |
| Archer Daniels Midland | 0 | 3 |
| Bunge | 0 | 2 |
| Cresud | 0 | 2 |
| BRF | 0 | 1 |
| Stora Enso | 0 | 0 |
| Mitsubishi | 0 | 0 |
| Itochu | 0 | 0 |
| Bolloré | 0 | 0 |
| Marubeni | 0 | 0 |
| Oji Group | 0 | 0 |
| Sumitomo Forestry | 0 | 0 |
| Grand Total | 2 | 18 |
Top forest risk clients that received credit from Rabobank, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Brazil Agriculture Finance Program | 834 | 2.647 |
| Suzano | 799 | 799 |
| Olam International | 59 | 745 |
| Bunge | 35 | 509 |
| Minerva | 133 | 215 |
| Klabin | 152 | 152 |
| Louis Dreyfus Company | 4 | 152 |
| Archer Daniels Midland | 10 | 147 |
| Marfrig | 55 | 136 |
| Musim Mas Group | 119 | 119 |
| COFCO | 17 | 75 |
| Charoen Pokphand Group | 1 | 70 |
| Grupo Amaggi | 32 | 47 |
| POSCO | 1 | 45 |
| Small-scale Agricultural Operators Brazil | 43 | 43 |
| Cargill | 2 | 35 |
| Sampoerna Group | 20 | 20 |
| Coamo Agroindustrial Cooperativa | 8 | 8 |
| Tentos Do Sul Comercial Agricola | 2 | 2 |
| Agropecuaria Agua Azul | 0 | 0 |
| Grupo Crestani | 0 | 0 |
| Agropastoril Jotabasso | 0 | 0 |
| Grand Total | 2,325 | 5,965 |
Top forest risk companies that Rabobank invested in, Sep 2023
NO investments
Top forest risk clients that received credit from DZ Bank AG, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Bunge | 15 | 220 |
| Wilmar | 14 | 58 |
| Louis Dreyfus Company | 1 | 58 |
| Royal Golden Eagle Group | 30 | 30 |
| Grand Total | 60 | 366 |
Top forest risk companies that DZ Bank AG invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Stora Enso | 1 | 80 |
| Smurfit Kappa Group | 12 | 38 |
| Itochu | 0 | 9 |
| Bunge | 1 | 8 |
| Suzano | 7 | 7 |
| IOI Group | 6 | 6 |
| CMPC | 6 | 6 |
| JBS | 1 | 3 |
| Batu Kawan Group | 2 | 2 |
| Salim Group | 0 | 2 |
| POSCO | 0 | 2 |
| QL Resources | 0 | 1 |
| Genting Group | 0 | 1 |
| United Plantations | 1 | 1 |
| Jardine Matheson Group | 0 | 1 |
| Mitsui & Co | 0 | 0 |
| Mitsubishi | 0 | 0 |
| Adecoagro | 0 | 0 |
| Sumitomo Forestry | 0 | 0 |
| Marubeni | 0 | 0 |
| Brookfield Asset Management | 0 | 0 |
| Grand Total | 37 | 168 |
15. Nordea Bank
Top forest risk clients that received credit from Nordea Bank Abp, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Stora Enso | 2 | 123 |
| Grand Total | 2 | 123 |
Top forest risk companies that Nordea Bank Abp invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Stora Enso | 3 | 187 |
| Archer Daniels Midland | 9 | 133 |
| Itochu | 1 | 28 |
| Bunge | 1 | 10 |
| Suzano | 8 | 8 |
| Salim Group | 1 | 6 |
| Batu Kawan Group | 5 | 5 |
| Marubeni | 0 | 5 |
| Mitsubishi | 0 | 5 |
| Mitsui & Co | 0 | 4 |
| Samsung | 0 | 2 |
| Jardine Matheson Group | 0 | 1 |
| Smurfit Kappa Group | 0 | 1 |
| Brookfield Asset Management | 0 | 1 |
| Bolloré | 0 | 0 |
| Wilmar | 0 | 0 |
| Oji Group | 0 | 0 |
| Grand Total | 29 | 396 |
16. CaixaBank
Top forest risk clients that received credit from CaixaBank SA, 2020-2023
No loans or underwriting
Top forest risk companies that CaixaBank SA invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| POSCO | 0 | 3 |
| Cresud | 0 | 0 |
| Adecoagro | 0 | 0 |
| SLC Agricola | 0 | 0 |
| Smurfit Kappa Group | 0 | 0 |
| Suzano | 0 | 0 |
| Bunge | 0 | 0 |
| Brookfield Asset Management | 0 | 0 |
| Archer Daniels Midland | 0 | 0 |
| Grand Total | 1 | 4 |
17. Danske Bank
Top forest risk clients that received credit from Danske Bank, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Stora Enso | 5 | 324 |
| Grand Total | 5 | 324 |
Top forest risk companies that Danske Bank invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Stora Enso | 1 | 53 |
| Mitsubishi | 0 | 19 |
| Marubeni | 0 | 12 |
| Mitsui & Co | 0 | 11 |
| Itochu | 0 | 10 |
| Jardine Matheson Group | 0 | 5 |
| United International Enterprises | 1 | 2 |
| Smurfit Kappa Group | 0 | 1 |
| Suzano | 1 | 1 |
| Bolloré | 0 | 1 |
| Sime Darby Plantations | 0 | 0 |
| Batu Kawan Group | 0 | 0 |
| Oji Group | 0 | 0 |
| Samsung | 0 | 0 |
| Sinar Mas Group | 0 | 0 |
| QL Resources | 0 | 0 |
| CMPC | 0 | 0 |
| Hap Seng Group | 0 | 0 |
| Sumitomo Forestry | 0 | 0 |
| Grand Total | 5 | 116 |
18. Commerzbank
Top forest risk clients that received credit from CBK-XTRA, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| Cargill | 16 | 360 |
| Archer Daniels Midland | 10 | 147 |
| Bunge | 9 | 129 |
| Louis Dreyfus Company | 2 | 71 |
| Wilmar | 14 | 61 |
| Grand Total | 51 | 769 |
Top forest risk companies that CBK-XTRA invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Bunge | 0 | 0 |
| Archer Daniels Midland | 0 | 0 |
| Grand Total | 0 | 0 |
19. ABN AMRO
Top forest risk clients that received credit from ABN – ENXTAM, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million)) | Total Value (US$ million) |
| COFCO | 17 | 75 |
| Royal Golden Eagle Group | 60 | 60 |
| Louis Dreyfus Company | 1 | 39 |
| Bunge | 0 | 6 |
| Grand Total | 78 | 180 |
Top forest risk companies that ABN – ENXTAM invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Smurfit Kappa Group | 4 | 12 |
| Mitsubishi | 0 | 1 |
| Bunge | 0 | 0 |
| Archer Daniels Midland | 0 | 0 |
| Stora Enso | 0 | 0 |
| JBS | 0 | 0 |
| LG International | 0 | 0 |
| Bolloré | 0 | 0 |
| Suzano | 0 | 0 |
| ZTE | 0 | 0 |
| Marfrig | 0 | 0 |
| Salim Group | 0 | 0 |
| POSCO | 0 | 0 |
| Genting Group | 0 | 0 |
| Grand Total | 4 | 14 |
20. KBC Group
Top forest risk clients that received credit from KBC ENXTBR, 2020-2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Archer Daniels Midland | 1 | 20 |
| Bunge | 1 | 10 |
| Anglo-Eastern Group | 9 | 9 |
| Grand Total | 11 | 39 |
Top forest risk companies that KBC ENXTBR invested in, Sep 2023
| Row Labels | Total Tropical forest risk Value (US$ million) | Total Value (US$ million) |
| Louis Dreyfus Company | 1 | 47 |
| Royal Golden Eagle Group | 30 | 30 |
| Bunge | 2 | 30 |
| Grand Total | 33 | 107 |
