Equitable Bank Releases Public Accountability Statement and Inaugural Sustainable Bond Framework

Canada’s Challenger Bank, Equitable Bank releases Public Accountability Statement (PAS) and inaugural Sustainable Bond Framework (the “Framework”). Both the PAS and new Framework reinforce Equitable Bank’s ongoing commitment to improve communities, reduce environmental impact and provide Canadians with better banking options and more enriching futures.

“As Canada’s Challenger Bank, we believe we’re serving Canadians well by bringing more competition and innovation to an important sector of the economy,” said Andrew Moor, president and chief executive officer. “We recognize that our broader accountabilities have expanded in tandem with our growth into Canada’s seventh largest bank, and we’re committed to living up to these responsibilities. I’m particularly pleased with the constructive role we’re playing in helping address the current housing shortage.”

Each year, Equitable Bank shares its PAS to outline positive contributions to Canadian communities and society at large. Key highlights from this year’s PAS include:

• Maintained a leading role in financing affordable housing by funding 185 multi-unit residential properties across Canada with total loans of $3.4 billion through various Canada Mortgage and Housing Corporation affordable housing programs
• Supported Canada’s growing senior and near-retiree population financially to age in place through a now $1.3 billion reverse mortgage business
• Served over 400,000 Canadians with the award-winning EQ Bank digital platform in 2023, which offers everyday banking without fees, plus a competitive interest rate
• Provided customers with an easy and seamless way to support their financial futures nationally through the launch of Banque EQ and Carte Banque EQ in Québec, alongside Canada’s first fully digital First Home Savings Account
• Advanced inclusion, diversity, equity, accessibility and anti-racism work in support of workforce engagement including championing Equitable Bank’s six Employee Resource Groups (ERGs), each of which presented individual three-year strategies

Inaugural Sustainable Bond Framework

Today’s publication of the Framework enhances the Bank’s commitment to contribute to a net zero transition for Canada and provide a service that is inclusive of all Canadians. Under the Framework, Equitable Bank can issue three types of bonds: green bonds, social bonds and sustainability bonds. In each case, proceeds of an issuance will be used to finance or refinance eligible green and/or social assets that meet Equitable Bank’s Sustainable Bond Framework eligibility criteria. Eligible categories include green buildings, energy efficiency, social and affordable housing and access to essential services. The Framework was developed in alignment with international best practices and in close consultation with advisory partner RBC Capital Markets acting as sustainability structuring agent.

Sustainalytics, a leading independent ESG research, ratings, and analytics firm, has reviewed the Framework and is of the opinion that the Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021 and Social Bond Principles 2023, as administered by the International Capital Market Association.

“Our challenger mindset means that sustainability is inextricable from our core values, long-term objectives and strategic priorities,” continued Moor. “We take our societal responsibilities seriously and are committed to improving our country’s communities and environment by financing critical projects that support sustainability.”

To learn more about Equitable Bank’s positive contribution to Canada’s economy, communities and environment, please visit here.