Coop Bank uses the credit obtained on advantageous terms to achieve the bank’s ecological objectives. Photo: Postimees/Scanpix.
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Coop Bank and the European Energy Efficiency Fund signed an agreement on 19 December under which the bank will take an unsecured subordinated loan of 15 million euros from the fund, with an interest rate of 3.25% per annum plus Six-month Euribor.
A favorable opportunity to achieve green objectives
According to Paavo Truu, CFO of Coop Bank, in the current interest rate environment the bank has managed to raise capital in conditions favorable to its growth.
“For two years we have been thoroughly measuring the carbon dioxide footprint of the Coop Bank’s direct and indirect activities and know precisely the impact of the gas in the different business sectors. It is clear that the largest environmental impact comes from the banks’ lending activities , and therefore we consider it very important to reduce the carbon dioxide footprint of the financing portfolio, thus also making our contribution to achieving Estonia’s energy independence and green goals,” Vero said.
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2023-12-19 15:11:55
coop-bank-borrows-15-million-euros-from-the-european-energy-efficiency-fund-to-achieve-green-goals