S&P Global Ratings Provides Aligned Opinion on Access Bank PLC's Sustainable Finance Framework

S&P Global Ratings Provides Aligned Opinion on Access Bank PLC's Sustainable Finance Framework

Lagos, Nigeria – November 9, 2023:  Access Bank PLC has received an endorsement from S&P Global Ratings (S&P) for its Sustainable Finance Framework (or otherwise, Sustainability Bond Framework). S&P affirmed that Access Bank's framework aligns with international standards, including the Green Bond Principles (GBP), ICMA 2021; Green Loan Principles (GLP), LMA/LSTA/APLMA 2021; Social Bond Principles (SBP), ICMA 2021; Social Loan Principles (SLP), LMA/LSTA/APLMA 2021, and Sustainability Bond Guidelines, ICMA 2021.

The ratings agency however confirmed that its alignment opinion does not assess any individual transaction with the ICMA's GBP, GLP, LMA/LSTA/APLMA, 2021; SBP, SLP, LMA/LSTA/APLMA, 2021, or Sustainability Bond Guidelines ICMA, 2021.

“Access Bank has committed to allocating an amount equivalent to the net proceeds of any financing issued under this framework to fund projects that support the ICMA-defined environmental and social objectives of a low-carbon economy and climate resilient growth. This is expected to drive socioeconomic development and empowerment. Moreover, the Bank clearly defines eligibility criteria for green and social projects it could finance under this framework,” said Salaheddine Soumir, the primary contact at S&P Global Ratings.

Gregory Jobome, Executive Director, Risk Management and Chairman, Green Bond Committee at Access Bank PLC, stated that, “We are delighted to receive this endorsement from S&P Global Ratings. At Access Bank, sustainability is engrained in our DNA. As such, we are committed to financing projects that align with the ICMA-defined environmental and social objectives of a low-carbon economy and climate-resilient growth.”

The Sustainability Bond Framework outlines stringent eligibility criteria for green and social projects that Access Bank may finance, ensuring that the allocated funds are directed towards initiatives that support a sustainable future.

In addition, the Bank commits to disclose the impact metrics of the financed projects and to obtain external verification for both allocation and impact reports.Access Bank, operating through a network of more than 700 branches and service outlets spanning 3 continents, 20 countries and over 60 million customers, is a leading institution with an unwavering commitment to sustainability. It has consistently integrated Environmental, Social, and Governance (ESG) criteria into its lending and investment decisions, cementing its status as a sustainability-focused and forward-thinking financial institution.

About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 20 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through four business segments: Corporate and Investment Banking; Commercial Banking; Business Banking, and Personal & Private Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks. 

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.