(22 May 2020 – United States) Citigroup have launched a new investment banking unit dedicated to sustainability and environmental, social and governance (ESG) investments.
The new division will be headed by advisory chief strategy officer Keith Tuffley together with banking capital market officer Bridget Fawcett. The bank has made this decision following corporates heightened focus on ESG issues largely brought to bear by investor and activist pressure. The bank also outlined plans to cease services for corporates in the coal mining industry.
“The impact of the COVID-19 pandemic has created an urgent need for businesses and investors to prioritise the economic recovery by focusing on ESG/sustainability projects. Investment banks play a key role in funding and facilitating these investments on a large scale” stated Pierre Sokoya, East & Partners Europe Market Analyst.