Abanca launches green credit

 In Banks, Green Credit, News

The CEO of Spanish banking group Abanca has announced the introduction of “greener and more social lines of credit in Portugal.

The measure was unveiled at the ‘II Sustainable Finances Meeting: an Iberian Perspective’ organised by Abanca held on Friday in Porto which brought the bank’s CEO, Francisco Botas to the event.
The CEO of Abanca said: “One of the goals of the ‘Sustainable and Responsible Banking Sector 2021-2024’ is to support the company network in the transition to a new economic model, channelling finance and investment to projects that can transform the economy.”
Botas argues for the “progressive introduction of lines of business credit aimed at greener and more social projects as part of an ingoing transformation process, while respecting the time of each client.”
The Abanca chief also revealed that the bank is “working to satisfy the demand for sustainable products from investors and the requirements of regulatory and supervisory organisms.”
The result of this work, according to Abanca, is the recent launch of three sustainable investment funds, a boost to the management of portfolio Alpha 360, the first issue of green bonds by Abanca and the first financial products for new green vehicles and recharging points linked to ‘Next Generation EU’ recovery funds and the Moves III Plan.
Abanca is a Spanish bank based in Galicia. It was created in 2011 following the “bankisation” of Novacaixagalicia savings bank. It operates in the autonomous communities of Galicia, Asturias and the province of León, in other parts of Spain and in Portugal, as well as having offices in the UK, France, Switzerland, Brazil, Venezuela, Panama, Mexico and the USA.