June 9, 2016
Prime Time For Banca Etica’s ‘Different’ Approach to Banking
GABV member, Banca Etica (Itlay) receives prime time coverage on Brazilian TV with a feature on their ‘different’ approach to banking.
Video courtesy of G1.Globo.com.
View more member stories on GABV’s YouTube site.
May 20, 2016
Assistant Governor Acknowledges Sharing and Insights From David Korslund, Senior Adviser, GABV
David Korslund, Senior Adviser, GABV recently participated as a panelist at the Global Islamic Finance Forum in Malaysia (#GIFF2016). By all accounts the sessions, connections and innovations coming out of the event were significant. Following his attendance, David received a letter of thanks recognising his work and that of the GABV. Also participating in the panel was former GABV Board member, Muhammad A. Rumee Ali, now CEO of Bangladesh International Arbitration Centre (BIAC).
‘…sincere appreciation for your contribution as a panelist during the Banking on Values session. The event was a good first step in creating awareness of the principles of values-based banking as well as exposing our industry players to the practical application and experiences… of the concept. The audience was enlightened by the fact that values-based banks are able to deliver better financial returns, have greater focus on the real economy and experience stronger growth. Several banking institutions indicated interest in the Scorecard developed by the GABV since the Scorecard can provide a structured measurement of performance in the non-financial aspects’ of sustainable banking.’
Bakarudin Ishak, Assistant Governor, Bank Negara of Malaysia.
Letter courtesy of Global Islamic Finance Forum and Bank Negara, Malaysia.
May 19, 2016
First GREEN Bank Announces New Chief Executive Officer, Keith Costello; Founder, Ken LaRoe Focuses on Chief Executive Officer Role at First GREEN Bancorp
Community Bank Expands Executive Team and Makes Plans to Grow Into New Markets
Ken LaRoe, Founder of First GREEN Bank, a local bank with a global mission, announced the appointment of Chief Executive Officer, Keith Costello. LaRoe himself will focus on his role as Chief Executive Officer of First GREEN Bancorp, allowing him to focus on expansion. Plans for the holding company include acquiring additional banks, spreading the values proposition and adding complementary businesses to its portfolio.
LaRoe and Costello first began their business relationship in 2009, when they were granted the last two bank charters in Florida. While LaRoe established First GREEN Bank, Costello founded his own successful community bank, Broward Bank of Commerce in South Florida. Now the pair have joined forces in order to spread First GREEN Bank’s banking capabilities and its global mission into additional markets, utilizing Costello’s more than 25 years of banking leadership experience and prominence as a community leader.
As a values-driven business leader himself, Costello has always placed a high importance on doing the right thing for his staff, the community and his shareholders. Because of this, stepping into his new leadership role at First GREEN Bank is a natural fit. Continuing to operate out of the South Florida marketplace, Costello will leverage his strong banking reputation and highly respected leadership visibility within the community. With Costello leading the First GREEN Bank team, LaRoe will have the opportunity to focus his efforts on growing First GREEN Bancorp and acquiring new businesses.
Article courtesy of MarketWired.com.
May 19, 2016
Malaysia’s Central Bank Governor Speaks at Global Islamic Finance Forum
The 2016 Global Islamic Finance Forum (GIFF) 5.0 concluded this week in Kuala Lumpur, Malaysia, after the three-day event saw an array of panels and discussions focused on the future of Islamic Finance, including topics related to fintech innovations and a keynote from the country’s Central Bank Governor.
Malaysia’s financial markets regulators participated in the GIFF event, which was attended by over a thousand people . There was also a pitch session, where new startups had six minutes to sell their product ideas to a packed audience. A subsequent session in the final day of the event included participation from the country’s central bank, Bank Negara Malaysia, and aimed to answer questions related to value-based finance.
The panel was moderated by Mohamed Ashraf bin Mohamed Iqbal, Director at HSBC Amanah, and the panel included JAK Medlemsbank CEO, Dennis Craig, Head of Capital Financing Solutions, and CEO of Bangladesh International Arbitration Centre (BIAC) Muhammad A. Rumee Ali, and David Korslund, Senior Adviser to the Global Alliance on Banking on Values.
Article courtesy of Finance Magnates.
May 19, 2016
Vancity’s 2015 Annual Report Outlines How Strong Foundations Can Lead to a Sustainable Future
Vancity’s 2015 Annual Report, Strong foundations for a sustainable future, documents the credit union’s sound financial position and unique relationships with local communities. The integrated annual report can be viewed at annualreport.vancity.com.
Drawing on the priorities outlined in Vancity’s 2020 Plan, the report includes stories that illustrate how Canada’s largest community credit union is building healthy communities and making a positive impact on people’s lives. It transparently reports progress against key organizational targets and commitments.
The report also provides examples of challenges and dilemmas that Vancity faced in 2015 as a values-based financial institution. These include the credit union’s perspective on shelter-rate housing, work to diversify balance sheets and the challenges posed by new technology in the financial sector.
Article courtesy of Just Means.
May 13, 2016
Banking Is At The Heart Of The Economy
‘Latin America is a priority for this partnership that promotes sustainability in finance.’ Marcos Eguiguren, Executive Director, Global Alliance for Banking on Values.
Read the full article in Spanish.
Article courtesy of El Comercio.
May 9, 2016
Villum Foundation Invests DKK 20 Million in Merkur Cooperative Bank
With a DKK 20 million investment from VILLUM FOUNDATION, Merkur Cooperative Bank will be able to increase its number of loans to sustainable projects. With its investment of DKK 20m in newly issued cooperative shares from Merkur, VILLUM FOUNDATION is enabling Merkur to extend future additional loans to the tune of DKK 120m to companies, start-ups or organisations within fields such as the environment, ecology and social work. Merkur’s CEO Lars Pehrson confirms that the investment provides Merkur with the opportunity to make an even greater impact in that the extra investment augments Merkur’s equity. The size of its equity determines how much a bank can lend of the deposits it has received from customers: – ‘VILLUM FOUNDATION’s investment takes us a big step further in our ambitions to translate the very substantial deposit surplus entrusted to us by our customers into sensible and societally beneficial loans.’ At the same time, Lars Pehrson sees the investment as an important recognition of Merkur’s work through more than 30 years. Lars Pehrson elaborates: – ‘I’m happy and proud, and I hope that the interest that VILLUM FOUNDATION has shown us will inspire others to take a closer look at Merkur Cooperative Bank as being not just a sustainable investment but a good one, too.’
Article courtesy of Merkur Cooperative Bank.
May 6, 2016
Cultura Bank Is Norway’s First B Corp™ -Enterprise, The Corporate Version Of The Fair Trade Label
B Corp™ is a non- profit organisation for sustainable companies using their influence in business life to help solving social and environmental problems.
- For 19 years we have been financing projects with a social value, respecting human rights as well as the environment, says Kjell Fredrik Løvold, CEO of Cultura Bank. We are a “green bank” operating with open books, publishing the names of all corporate loan customers. It means a lot for us to become Norway’s first certified B Corp™, and we hope to be able to inspire more Norwegian companies to work for a better World.
- To qualify as a «Certified B Corporation®» the company must satisfy rigorous standards related to social responsibility, environmental impact and corporate governance. Thus it is relevant to compare this to the Fair Trade label, found today on many products like coffee and chocolate. .
Starting on May 9th Cultura Bank is issuing new equity certificates in order to increase the capacity for new loans to green and social projects; making it possible for investors to contribute to shaping a greener and more sustainable world.
The non-profit organisation B Corp™ is conducting a certification process leading to the label Certified B Corp™. To date 1704 companies representing 130 different types of business in 50 countries around the World have qualified as a ‘Certified B Corporation®’.
Article courtesy of Cultura Bank.
May 1, 2016
Positive Impact, Cornerstone of Vision Banco Annual Report
‘Our commitment is to generate shared value for our customers, through a set of financial services that help them overcome challenges. We also commit to creating shared value for other stakeholders by interacting with them ethically, transparently and responsibly. For these reasons, the common thread in this Annual Report is the POSITIVE IMPACT we aim to deploy in our daily activities…
Our business model has the customer at its centre and that is why we design products, services and channels that respond to their needs and contribute to a better quality of life. We take care of our customer’s security and stand with them along their journey of growth. The demands and preferences of our customers continually evolve encouraging us to continuously strengthen our offering with innovative products at fair prices.’
Carlos Ávalos, Gerente General, Vision Banco.
Download complete annual report. (Spanish)
Extract courtesy of Vision Banco.
April 28, 2016
Brave Move By GABV & VoiceAmerica Sees Launch Of World’s First Radio Series About The Positive Side Of Banking
In the midst of the Panama Papers and multiple banking scandals the Global Alliance for Banking On Values has teamed up with VoiceAmerica in a brave move to launch the world’s first radio series dedicated to taking a behind the scenes look at the growing, global values-based banking movement that will revolutionise the banking sector in a positive and proactive way. Learn more.
Article also covered by Digital Journal.