Santander and BBVA are among the top ten large banks to capture business in the green transition. The consulting firm Alvarez & Marsal has drawn up a classification, called ‘Green Pace’, with the 25 European and North American financial institutions with the greatest capacity to generate sustainable business and the two main Spanish banks have managed to rank among the top positions.
Specifically, Santander occupies the fourth position in the ranking and stands out for its business in advising clients and executing transition plans. In this sense, the bank chaired by Ana Botín surpasses entities such as BNP Paribas, UBS or ING.
For its part, BBVA, which occupies ninth place in the classification, stands out for its offer of green products and, likewise, its advice to clients. The bank chaired by Carlos Torres is above entities such as Lloyd’s, Commerzbank or Deutsche Bank. CaixaBank, which is also included in the ranking, occupies the twenty-fifth position. In his case, Alvarez & Marsal highlights the business in products with the green label.
The ‘Green Pace’ classification is based on four sustainability criteria: green products, alignment to zero emissions, customer advice and execution of transition plans. Alvarez & Marsal has also published the leading banks in each of these areas.
In general, the report reveals that British banks are the ones that lead in sustainable business practices compared to entities from other countries, with NatWest, Barclays and HSBC leading the ranking. Meanwhile, US banks fared worse, with only one bank (JP Morgan) appearing in the top 10, due to its lower maturity regarding ESG practices and commitments.
“International banks have declared that the transition to zero emissions not only does not have to be a burden, but it can be a great business opportunity. Banking’s sustainability strategies are evolving, moving from mere compliance with regulations to a wide range of initiatives that can provide new sources of income and innovative solutions to their customers,” said Fernando de la Mora, Managing Director and Head of Alvarez & Marsal for Spain and Portugal.