Sparebanken Vest: obtains the best durability rating
The internationally recognized sustainability rating agency
MSCIhas upgraded Sparebanken Vestto a AAArating for its sustainability work. Sparebanken Vestis the only Norwegian bank to date that has achieved this top rating, placing the bank's environmental, social and governance (ESG) work among the top two per cent of banks in the world. Following a comprehensive analysis, the international analytics company MSCIhas upgraded Sparebanken Vestfrom AA to a top rating of AAA. MSCIis one of the most recognised international analytics agencies performing evaluation and categorisation of companies' work in sustainability. In its rating opinion, MSCIhighlights Sparebanken Vest'sstrong corporate governance and focus on green financing, among other things, as leading the field when measured against comparable banks and financial institutions. 'We are at the forefront of developing Western Norwayas a leading region in sustainability, and our goal is for Sparebanken Vestto achieve net zero emissions by 2040. Over several years, we have implemented numerous measures to move our operations, value chain, and lending portfolio in a green direction. Among other things, Sparebanken Vesthas pushed for our Norwegian suppliers to become climate neutral. Sustainability is a competitive advantage and is integrated into the very core of our financing and risk management activities,' says Jan Erik Kjerpeseth, CEO of Sparebanken Vest. Sparebanken Vestestablished its first industry-specific sustainability targets for the corporate lending portfolio in 2020, and these targets have also recently been adjusted to reflect and fall in line with the EU Taxonomy. Corresponding targets have also been established for the entire lending portfolio, and for saving and investments in the retail market segment. In the summer of 2020, the bank issued its first green bond, which was considerably over-subscribed. Since then, the bank has issued several more green bonds on favourable terms that have resulted in a much broader investor base. 'We have ambitious targets for all areas of the bank's activities and will be taking further steps in the coming months, including strengthening our data collection work,' says Kjerpeseth. For further information, please contact: Jan Erik Kjerpeseth, CEO, tel.: (+47) 951 98 430. Frank Johannesen, CFO, tlf.: (+47) 952 65 971. Hans Olav Ingdal, Head of Finance and IR, tlf.: (+47) 948 09 328. Ã sne Ã dland Dale, Head of Sustainability, tel.: (+47) 971 40 244. Sparebanken Vestis the third largest savings bank in Norway, with more than 600 committed and highly skilled employees. Since the bank was founded in 1823, we have gained a position of trust among customers in Western Norwaythat has resulted in a solid market position and 33 branch offices in the counties of Vestland and Rogaland. Through our associated companies, Sparebanken Vestprovides a complete range of financial services to our retail and corporate customers. We are proud to be an independent financial services group with our head office in Bergen, Norway, allowing us to play a key role in much of the value creation that takes place in Western Norway.
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