The Swedish Export Credit Corporation (SEK) adopts the Equator Principles

Stockholm, 21 June 2017

The Swedish Export Credit Corporation (SEK) announces its adoption of the Equator Principles, a globally recognised benchmark for determining, assessing and managing environmental and social risk in bank financed projects. To date, 90 international financial institutions in 37 countries have signed up to the Equator Principles. As an export credit institution, SEK already applies sustainability risk assessments in accordance with the OECD frameworks and other relevant international frameworks for projects and export credits.

 

"The Equator Principles will add a tool in our environmental and social due diligence for projects and export credits that we finance. This will increase the harmonisation between us and the banks and financial institutions that we cooperate with", says SEK Head of Sustainability Johan Henningsson.

 

SEK adopts the Equator Principles on June 21st 2017, and in the first year, in accordance with the Equator Principles, will adjust its activities according to the framework.

 

"We will also be able to take more active part in the discussions about the development of environmental and social assessments within the banking community", says SEK Head of Sustainability Johan Henningsson.

 

Mikael Damberg, Minister for Enterprise and Innovation, representing SEK's owner, says:

 

"SEK has an important role to play in facilitating Swedish company exports. Therefore, I welcome the fact that SEK now adopts the Equator Principles in line with the owner's recommendation. With this, SEK gets a new tool to ensure that there lending meets international requirements. State owned enterprises should set good standards, not least in sustainable business."

 

About the Equator Principles

 

The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects. It was developed in 2003 with the objective of ensuring that projects are developed in a socially responsible manner and reflect sound environmental management practices. The third edition of the Equator Principles which went into effect in 2013 extends its application from project finance and advisory services to project-related corporate loans and bridge loans.

 

About SEK

 

The Swedish Export Credit Cooperation (SEK) provides financing for Swedish exports. SEK lends directly to Swedish exporters and helps Swedish exporters to win export business by offering financing to their customers. SEK has a strong international network and extensive experience of international financing. The officially supported export credits system means buyers of Swedish exports can see the total cost of their investment. Moreover, export credit financing can offer buyers extended credit periods. SEK is a long-term partner, wholly owned by the Swedish government and has a mission to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. In SEK's environmental and social due diligence, SEK complies with international standards. In 2016, SEK lent a total of Skr 54.8 billion.

 

Announcement in Swedish

 

Announcement in English

 

 

 

 

Japan's Norinchukin Bank adopts the Equator Principles

Tokyo, 01 May 2017

The Norinchukin Bank, one of Japan's largest financial institutions serving agricultural, fishery, and forestry cooperatives, announced its adoption of the Equator Principles, a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risks in projects. The Norinchukin Bank becomes the 90th member of the Equator Principles Association.

Announcement in Japanese

Bank of Jiangsu adopts the Equator Principles

Nanjing, 20 January 2017

Bank of Jiangsu has become a signatory of the Equator Principles (EPs), a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risks in projects. It becomes China's first city commercial bank to adopt EPs.

Bank of Jiangsu, a modern joint-stock commercial bank, was founded by merging and reorganizing the ten commercial banks in Jiangsu province including city banks of Wuxi, Suzhou and Nantong, which created a new model of local corporate banking reform. Formally entering service on January 24, 2007, it is the only local provincial corporate bank in Jiangsu.

Bank of Jiangsu, adhering to the mission of “providing high-quality financial service for customers” and guided by the enterprise culture of “Integration, innovation, pragmatism and growth”, always sticks to the development direction of uniqueness, intelligence, internationalization and integration and devotes itself to the construction of a characteristic and first-rate commercial bank with core competition advantage. It has now developed into a modern joint-stock bank boasting strong comprehensive strength and market competitiveness. As of the end of June 2016, it has possessed total assets of 1,563 billion RMB, total deposits of 914.4 billion RMB, and has provided loans of 635.3 billion RMB in total. It has 534 business office in total and 14,000 employees. It also established Suyin Financial Leasing Company and Danyang Baode Rural Bank. On August 2, 2016, its Initial public offering of A shares was successfully listed on the Shanghai Stock Exchange (stock code: 600919).

The development of Bank of Jiangsu has been widely recognized by all sectors of society. It has been presented the honorary titles of “Outstanding Enterprise in Jiangsu Province” and “The National Banking Financial Institutions Small and Micro-Enterprise Financial Services Advanced Units” by Jiangsu Provincial Party Committee and Jiangsu Provincial Government, and has been rated as “The Most Competitive Small and Micro Banks” by Financial Times. It ranked the 126th among the top 1000 world banks listed by the Banker (a British professional magazine) in 2016. As one of the fastest growing banks in China, it was named as “The Best City Commercial Bank in China” by Global Finance (U.S.).

The adoption of EP demonstrates that Bank of Jiangsu is dedicated to committing to green finance and sustaining energy management industry. It will also contribute to promoting a more eco-friendly civilization, social awareness enhancement and the completion of environmental and social risk management system. From now on, Bank of Jiangsu will regularly submit EP implementation reports as required and publish relevant information through its website.

Announcement in Chinese