Wells Fargo Issues Inclusive Communities and Climate Bond
Wells Fargo Issues Inclusive Communities and Climate Bond
Diverse underwriting firms to receive bulk of fees from $1 billion Sustainability Bond, which supports housing affordability, socioeconomic opportunity, and renewable energy
SAN FRANCISCO, May 19, 2021 /3BL Media/ - Wells Fargo today announced the issuance of an Inclusive Communities and Climate Bond, its first Sustainability Bond, which will fund projects and programs that support housing affordability, socioeconomic opportunity, and renewable energy. The transaction builds on Wells Fargo’s expertise in and history of underwriting green, social, and sustainability bonds, and advances the company’s commitment to accelerate a more inclusive and sustainable economy.
ByEdith Rocío Robles
Wells Fargo has invested in 11 Minority Depository Institutions in 2021 as part of a $50 million pledge and a commitment to foster economic growth in Black and African American communities
On Tuesday, Wells Fargo & Company (NYSE: WFC) announced equity investments in five African American Minority Depository Institutions, or MDIs, as part of its March 2020, pledge to invest up to $50 million in Black-owned banks.
As part of the equity capital investment, Wells Fargo is also offering access to a dedicated relationship team that can work with each MDI on financial, technological, and product development strategies to help each institution strengthen and grow.
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Wells Fargo invests in five additional black-owned banks 3 hours ago
Source: Wells Fargo Wells Fargo & Company (NYSE: WFC) today announced equity investments in five African American Minority Depository Institutions, or MDIs, as part of its March 10, 2020, pledge to invest up to $50 million in Black-owned banks. As part of the equity capital investment, Wells Fargo is also offering access to a dedicated relationship team that can work with each MDI on financial, technological, and product development strategies to help each institution strengthen and grow.
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Wells Fargo & Co (NYSE: WFC) has announced equity investments in five Black-owned banks as part of its pledge of investing up to $50 million in Black Minority Depository Institutions (MDIs).
What Happened: The San Francisco-headquartered financial institution’s investments were aimed at two Georgia-based banks Carver State Bank in Savannah and Citizens Trust Bank in Atlanta plus First Independence Bank in Detroit, Liberty Bank in New Orleans and Unity National Bank in Houston.
This is Wells Fargo’s second round of investments in the MDIs. In February, the company announced investments in Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York City, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Alabama, M&F Bank in Durham, North Carolina, and Optus Bank in Columbia, South Carolina.
The banking giant has selected six African American minority depository institutions (MDIs) for equity investments.
Based in Los Angeles, Broadway Federal Bank is one of the several minority depository institutions that Wells Fargo is investing in.
Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Ala., M&F Bank in Durham, N.C., and Optus Bank in Columbia, S.C., are receiving critical equity capital, because of Well Fargo’s generous contribution.
The financial commitment structure means that the investments are in the form of critical equity capital, which is foundational to the MDIs’ ability to expand lending and deposit-taking capacity in their communities.