DZ BANK AG signs the Equator Principles
On 1 January 2013 DZ BANK AG recognised the Equator Principles, which provide a global standard for project finance, thus documenting that it is prepared to develop its core business in a sustainable manner. Having signed up to the Equator Principles, DZ BANK AG will in the future apply these guidelines world-wide to all new project finance transactions with a volume in excess of USD 10 million. “By deciding to sign up to the Equator Principles we clearly demonstrate to our customers and to society as a whole just what strict social and ecological criteria we comply with when financing projects. We do this for reasons of risk provisioning as well as out of responsibility for society,” said Wolfgang Kirsch, Chief Executive Officer of DZ BANK.
DZ BANK is the central institution of the cooperative financial network, which comprises more than 1,100 local cooperative banks and is one of Germany’s largest private-sector financial services organisations measured in terms of total assets. Within the cooperative financial network DZ BANK AG functions both as a central institution for over 900 cooperative banks and their 12,000 branch offices and as a corporate bank.
The Equator Principles
The Equator Principles were established in 2003 on the basis of the World Bank’s environmental standards in cooperation with the International Finance Corporation, IFC, and were signed at that time by ten banks. In the meantime 70 banks around the world have signed up to the voluntary regulations, thus paying tribute to responsible environmental and social standards in project finance.
For DZ BANK, the signing of the Equator Principles complements its existing measures and guidelines for ensuring sustainable lending.
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