SMBC Bank Establishes Environment Analysis Department

One of Japan's major banks, the Sumitomo Mitsui Banking Corp. (SMBC), established an Environment Analysis Department on January 23, 2006, to strengthen its commitment to offer environmentally and socially responsible financial services. Created within the Credit Department of the International Banking Unit, the new department is responsible for establishing a framework for environmental impact evaluation when financing overseas projects, and for implementing impact assessments.

Increasingly, the international community expects financial institutions to give careful prior consideration to the potential environmental and local community impacts of overseas financing projects, particularly in developing countries. The bank established the new department to fulfill its corporate social responsibility and provide higher-quality financial services in global markets.

In addition, SMBC has adopted the Equator Principles, a set of voluntary guidelines for banks to address environmental and social issues relating to project financing. Thirty-eight leading financial institutions worldwide had endorsed the principles as of December 31, 2005.

http://www.smbc.co.jp/news_e/e600011_01.html

Posted: 2006/04/28 09:57:26 PM
Japanese version