Weihai City Commercial Bank
Statement on the Adoption of the Equator Principles
On 17th December, 2021, Weihai City Commercial Bank Co., Ltd. officially adoptes the Equator Principles. It has been approved to join the Equator Principles Association recently, becoming the first Equator bank in Shandong Province. The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects and is primarily intended to provide a minimum standard for due diligence and monitoring to support responsible risk decision-making. The adoption of the Equator Principles signifies that Weihai City Commercial Bank has achieved a new breakthrough in the development of green finance and taken up responsibility as a listed bank.
Weihai City Commercial Bank is the product of financial reform in the PRC, which was established in 1997. Since its establishment, the Bank has always kept in mind its original intention and mission of serving the real economy, adhered to the market positioning of “serving the local economy, serving small and micro enterprises, and serving urban and rural residents”, adhered to the service concept of “mutual support and delightful growth”, insisted on innovation in reform, and surpassed in development, thus moving out a unique development path. It currently has 121 branches and sub-branches in Jinan, Tianjin, Qingdao, etc., and is the first local legal person bank in Shandong Province to achieve “full coverage of the province”. In 2016, the Bank was the first financial institution in Shandong Province to initiate the establishment of a financial leasing company, marking a substantial step in its integrated operation. On 12th October, 2020, the Bank was successfully listed on the Main Board of the Hong Kong Stock Exchange, opening a better development future. Quality services and good performance have been highly recognized and well received by all sectors of society. The Bank was successively awarded the “Best Special Bank in China”, “Best Retail Bank in China”, “First Batch of A-Grade Taxpaying Financial Institutions in Shandong Province”, and was awarded the “Top 10 City Commercial Banks in China” in the Golden Medal List of Chinese Financial Institutions • Golden Dragon Award for six consecutive years. The brand reputation and social influence were significantly improved.
Adopting the Equator Principles is part of the overarching green finance development plan of Weihai City Commercial Bank. The Bank actively explored and studied the requirements of the Equator Principles, and has organized and improved its internal policies, risk management, business processes and systems framework; strengthened organizational structure for environmental and social risk management; formulated project finance management approach aligned with the Equator Principles; and developed environmental and social risk management system supporting the Equator Principles, in order to continuously enhance the environmental and social risk management with international standards.
Weihai City Commercial Bank will take the opportunity of being established as a Equator bank to enter a new development stage, implement the new development concept, integrate into the new development landscape, continuously innovate the green finance model, continuously increase green credit allocation, strictly fulfill the responsibility in environmental and social risk management, intently serve the real economy, continuously improve customer satisfaction, continuously improve contribution to society, continuously improve core competitiveness of the Bank, and continuously establish the Bank as a listed bank with purpose, responsibility and value, in order to contribute financial strength in achieving the goal of carbon peak and carbon neutrality.
The Equator Principles website:https://www.equator-principles.com