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    SVEG   NO0006000900

SPAREBANKEN VEST

(SVEG)
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Sparebanken Vest : achieves top sustainability rating

06/16/2021 | 04:39am EDT
The internationally recognized sustainability rating agency MSCI has upgraded
Sparebanken Vest to a AAA rating for its sustainability work. Sparebanken Vest
is the only Norwegian bank to date that has achieved this top rating, placing
the bank's environmental, social and governance (ESG) work among the top two per
cent of banks in the world.  

Following a comprehensive analysis, the international analytics company MSCI has
upgraded Sparebanken Vest from AA to a top rating of AAA.   

MSCI is one of the most recognised international analytics agencies performing
evaluation and categorisation of companies' work in sustainability. In its
rating opinion, MSCI highlights Sparebanken Vest's strong corporate governance
and focus on green financing, among other things, as leading the field when
measured against comparable banks and financial institutions. 

'We are at the forefront of developing Western Norway as a leading region in
sustainability,
and our goal is for Sparebanken Vest to achieve net zero emissions by 2040. Over
several years, we have implemented numerous measures to move our operations,
value chain, and lending portfolio in a green direction. Among other things,
Sparebanken Vest has pushed for our Norwegian suppliers to become climate
neutral. Sustainability is a competitive advantage and is integrated into the
very core of our financing and risk management activities,' says Jan Erik
Kjerpeseth, CEO of Sparebanken Vest.

Sparebanken Vest established its first industry-specific sustainability targets
for the corporate lending portfolio in 2020, and these targets have also
recently been adjusted to reflect and fall in line with the EU Taxonomy.
Corresponding targets have also been established for the entire lending
portfolio, and for saving and investments in the retail market segment. In the
summer of 2020, the bank issued its first green bond, which was considerably
over-subscribed. Since then, the bank has issued several more green bonds on
favourable terms that have resulted in a much broader investor base.

'We have ambitious targets for all areas of the bank's activities and will be
taking further steps in the coming months, including strengthening our data
collection work,' says Kjerpeseth.


For further information, please contact:
Jan Erik Kjerpeseth, CEO, tel.: (+47) 951 98 430.
Frank Johannesen, CFO, tlf.: (+47) 952 65 971.
Hans Olav Ingdal, Head of Finance and IR, tlf.: (+47) 948 09 328.
Åsne Ådland Dale, Head of Sustainability, tel.: (+47) 971 40 244. 

Sparebanken Vest is the third largest savings bank in Norway, with more than 600
committed and highly skilled employees. Since the bank was founded in 1823, we
have gained a position of trust among customers in Western Norway that has
resulted in a solid market position and 33 branch offices in the counties of
Vestland and Rogaland. Through our associated companies, Sparebanken Vest
provides a complete range of financial services to our retail and corporate
customers. We are proud to be an independent financial services group with our
head office in Bergen, Norway, allowing us to play a key role in much of the
value creation that takes place in Western Norway.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
MSCI INC. 1.44% 584.21 Delayed Quote.28.97%
SPAREBANKEN VEST -1.71% 86.1 Real-time Quote.20.99%
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Financials
Sales 2021 4 254 M 479 M 479 M
Net income 2021 2 070 M 233 M 233 M
Net Debt 2021 - - -
P/E ratio 2021 11,2x
Yield 2021 4,74%
Capitalization 9 232 M 1 045 M 1 040 M
Capi. / Sales 2021 2,17x
Capi. / Sales 2022 2,01x
Nbr of Employees 740
Free-Float 69,3%
Chart SPAREBANKEN VEST
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Number of Analysts 4
Last Close Price 86,10 NOK
Average target price 95,00 NOK
Spread / Average Target 10,3%
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Managers and Directors
Jan-Erik Kjerpeseth Managing Director
Frank Otto Johannesen Chief Financial Officer & Executive Vice President
Arild Hugleik B°dal Chairman
Siren N°kling Sundland Executive Vice President-Operational Services
Anne-Marit Hope Director
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