Canada-based Scotiabank announced the launch of a new Sustainable Finance Group within its Global Banking and Markets (GBM) division. Scotiabank stated that the goal of the new team will be to further Scotiabank’s Climate Commitments, announced in November 2019, to support clients in the transition to a low-carbon economy, to decarbonize its own operations and to contribute to the global conversation on climate change.
The GBM division conducts Scotiabank’s wholesale banking and capital markets business with corporate, government and institutional investor clients. GBM is a full-service wholesale bank and investment dealer in Canada and Mexico, and offers a range of products and services in the U.S., Latin America (excluding Mexico), and in select markets in Europe, Asia and Australia.
Paul Scurfield, Managing Director and Head of Global Fixed Income at Scotiabank, said:
“Our new Sustainable Finance Group will support our clients’ evolving requirements for sustainable financing and Environmental, Social and Governance (ESG) related investments. We are steadfast in our commitment to support Scotiabank’s sustainability and climate change initiatives by offering innovative and high-quality sustainable finance products, solutions and advice to our clients.”
The Sustainable Finance Group will complement Scotiabank’s expertise in ESG, and work closely with Scotiabank partner teams to provide financial solutions and advice across sustainable finance products to corporate, financial, public sector and institutional clients across our global footprint. The new group will be led by Bob Nguyen, Scotiabank Managing Director and Head, Corporate Fixed Income Origination. Fanny Doucet will lead the groups activities for corporate and financial entities, while Jason Taylor will be responsible for the group’s coverage of public sector and institutional clients.
Scotiabank stated that the creation of this group within GBM builds on the bank’s leading position as the top Canadian dealer of sustainability bonds in 2020 and the fastest growing dealer globally, as well as Scotiabank’s leadership in ESG which includes:
- Issued inaugural USD 500 million Green Bond, in July 2019, aligned to eligible criteria in the Scotiabank Green Bond Framework, including renewable energy, clean transportation and green buildings.
- Developed a climate change risk due diligence and rating methodology and implemented training for all banking and credit teams in 2019.
- Invested nearly $100 million globally to communities where we operate in 2019, as part of our global philanthropy program.
- Named to the Dow Jones Sustainability Index North America and ranked amongst the top 1% of global financial institutions for corporate governance.