|Date joined:||25 November, 2019|
|Initiatives:||Net Zero Banking Alliance and Principles for Responsible Banking|
The Bank of Åland is a Finnish bank targeting high net worth and affluent individuals. It provides financial services in retail, commercial and wealth management activities.
The bank was established in 1919 on the Åland Islands and now also operates on the Finish mainland and Sweden. Its headquarters are in Mariehamn in the Åland Islands.
In 1942, the Bank of Åland was lised on NASDAQ OMX Helsinki stock exchange.
It is top ranked in customer loyalty and have a long-standing tradition of stability and very low credit losses.
In 2016, the Bank of Åland launched the Åland Index which measures the carbon dioxide impact of every credit card transaction. The Bank of Åland is also the founder of Doconomy, a company which creates a digital platform for digital financial services in combination with sustainability.
Summary of sustainability strategy
The efforts the Bank makes in its sustainability work are based on the strategy it relies on daily and adapt as the Group evolves. The Bank must carry out its operations with long-term financial, social and environmental sustainability in mind. In this work, the Bank follows the United Nations’ global sustainable development goals ans its own yearly materiality analysis.
Bank of Åland’s strategy focuses on four areas:
1. Responsible investment – the Bank follows the United Nations principles for responsible investment (UNPRI), and its reviews of companies’ environmental, social and govenance (ESG) actions are performed on the basis of UN guidelines.
2. Responsible lending – The Bank supports the national economy by financing sound projects that can be successfully realised. It encourages its corporate customers to develop sustainability work in their businesses and monitor their sustainability maturity.
3. Social responsibility – Bank of Åland is a bank working for the development of people, businesses and society.
4. Environmental responsibility – the Bank works towards an awareness and reduction of the organisation’s resource consumption and environmental impact. It makes an active effort to achieve the established targets in the Group’s environmental plan. The Bank offset its resource consumption and environmental impact by distributing funds yearly for Baltic Sea environmental projects. The Bank pursues a dialogue about sustainability and environmental responsibility with its suppliers and business partners.
Bank of Åland founded the Åland Index which measures the carbon dioxide impact of every credit transaction