- Upgrade driven largely by bank's efforts to strengthen its focus on social issues; further recognition of robust integration of ESG practices into lending
MSCI, a leading international ESG rating company that assesses over 8,500 companies globally, has upgraded UniCredit to 'AA' (leader), from 'A' (average) previously.
The upgrade is driven largely by UniCredit's efforts to strengthen its focus on social issues, with MSCI citing the bank's industry-leading consumer protection practices and financial literacy programmes, as well as the fact that it does not offer high-risk financial products to its retail customer base.
Moreover, UniCredit received recognition for the rights it affords to individuals regarding the control of their data, as well as the measures it has in place to respond to potential data breaches.
On the employee side, MSCI noted the support the bank provides regarding degree programmes and certifications, as well as its standout staff management practices.
As a result, UniCredit's MSCI Social Pillar score was upgraded materially to 5.4 (from 3.7 previously).
Fiona Melrose, Head of Group Strategy & ESG, UniCredit, commented: "This upgrade is particularly gratifying as it reflects the strides we have been making to integrate all ESG factors into our bank's governance, business, risk and credit management, metrics and operations. On the social side, we know that banks such as ours have an important social function which goes far beyond lending, and will continue to support impactful initiatives and hold ourselves to account."
MSCI ESG Ratings aim to measure a company's resilience to long-term ESG risks.
Companies are scored on an industry-relative AAA (leader) -CCC (laggard) scale across the most relevant key issues based on a company's business model.
Milan, 25 September 2023
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Media Relations
E mail: mediarelations@unicredit.eu