Italy-based illimity Bank has announced that it signed the United Nations Principles for Responsible Banking (PRB) to support its sustainability strategy. By adhering to the UN PRB, illimity Bank solidifies its commitment to integrating ESG issues into its long-term development strategy, as it continues to be in line with the sustainability plan.

As per the information detailed in the press release, the PRB, one of the most significant sustainability frameworks in the financial sector, currently has 338 signatories globally, which account for approximately 54% of worldwide banking assets and USD 98.7 trillion in total assets. Being developed by the United Nations Environment Programme Finance Initiative (UNEP FI), the PRB represents the reference framework for participant banks that aim to align their strategy, decision-making processes, and investment and lending policies with the United Nations Sustainable Development Goals (SDGs) and the Paris Climate Agreement. The objective of the United Nations PRB is to provide information and enable the banking sector to connect by developing common guidelines and setting out best practices on sustainable finance. According to illimity Bank’s officials, the financial institution intends to solidify its position when it comes to ESG issues, as, since its founding, it has taken into consideration sustainability by integrating every aspect of it in its strategy, processes, and governance.

By committing to the PRB, illimity Bank supports its objectives included in the recent Sustainability plan for 2023-2025. As of March 2023, the bank set further quantitative and qualitative aspirations by presenting its plan with a vision of constant expansion in the ESG commitment, as well as to enhance its processes and develop value for stakeholders. illimity Bank’s previous developments and collaborations As a banking group, illimity Bank intends to respond to specific market demands with an improved and specialised business model.

The bank provides financing to high-potential SMEs, acquires distressed corporate loans, as well as services them through ARECneprix, its platform, and offers digital direct banking solutions. In recent months, illimity Bank entered multiple partnerships to advance its development strategy, including one with SACE in December 2023. The collaboration was intended to improve Italy’s sustainable transition by assisting businesses in their investments to reduce their environmental impact. By working together, illimity Bank aimed to make the SACE guarantee available to businesses to leverage in their strategies for climate change mitigation and adaptation, pollution prevention and reduction, the safeguarding of water and marine resources, protection and restoration of biodiversity and ecosystems, sustainable mobility, and the circular economy, in line with the Green New Deal and the European Union taxonomy.

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