In the list of the 40 largest listed European banks, there are several large Italian institutions that rank in the top positions for ESG RatingsThis is what emerges from the report by Standard Ethicswhich has published its updated Corporate Standard Ethics Rating (Corporate SER).
The constant monitoring of Standard Ethics experts has intercepted the continuous evolutions of the European banking sector in the path of alignment with Sustainability.
Fineco at the top among European banks
Finecobankwith BPM Bank, Bper Bank, UniCredit And Swedish Handelbank have obtained the highest rating (EE+). As for Finecobank, it has a “positive” outlook.
“In the European context, the Italian case shows elements of excellence: the economic solidity achieved in recent years is combined with greater reactivity and speed on the part of Italian banks in implementing ESG policies compared to other national contexts. The gap that existed between Italian and European institutions between 2010 and 2020 has been largely filled”, Standard Ethics states.
“Since the beginning of 2024 – write the analysts at Standard Ethics – Banco Santander’s rating has been raised to “EE-” following theOutlook “Positive” assigned in January 2021. First signs of growth also for Natwest Group, whose Corporate SER has moved to “E” (Very Low) from “E-” (Unsatisfactory). More recently, with the continuation of trade activities with Russia, analysts have downgraded the ESG rating of Raiffesen Bank to “E” from the previous “E+”. In addition, Standard Ethics has raised the Outlook of ABN Amro Bank to Positive.
At present, 58% of the basket has a Sustainable Grade vs 56% According to Standard Ethics’ 2023 Annual Report (January 2024), 38% have a Not Fully Sustainable Grade. 2% have a Not Sustainable Grade and the remaining 2% have a Pending rating.
Steps forward for the European banking sector
“As evidenced by the data and positive actions of the last 12 months, the European banking sector is making significant progress on the path to alignment with the indications in terms of Sustainability set at international level – the report states – Legislative pressures and the orientations of regulatory authorities have accelerated this movement, allowing banks to follow a clear and uniform path”.
The Italian case shows elements of excellence
In the European context, “the Italian case shows elements of excellence“, says Standard Ethics: the economic solidity achieved in recent years is combined with greater reactivity and speed on the part of Italian banks in implementing ESG policies compared to other national contexts. The gap that existed between Italian and European institutions between 2010 and 2020 has been largely filled.
FinecoBank, Banco BPM, BPER Banca and BPER Banca have an EE+ rating, the highest achieved by European banks. Banca Monte dei Paschi di Siena and Intesa Sanpaolo have an EE rating.
