ABN AMRO : Groenbank opening its doors again

As per today, sustainable projects can once again be funded through ABN AMRO's Groenbank, which provides financing based on the Green Scheme as established by the Netherlands Enterprise Agency (RVO). The decision to reopen Groenbank is in line with the bank's strategy of facilitating the transition to a sustainable society.

Following a set of tax changes, ABN AMRO was gradually phasing out Groenbank between 2010 and 2018. During this period, ABN AMRO continued to provide sustainable financing, for example by offering 100% funding to business clients for investments in energy efficiency improvements in their premises. The bank has also been issuing green bonds. In the meantime, the market has picked up again, and so we are pleased to announce that Groenbank is reopening its doors.

Groenbank manager Krista Overwater explains that the bank has many green projects in the pipeline already. 'ABN AMRO supports companies transitioning to a sustainable business model with new modes of financing. The bank seeks long-term value creation for all its stakeholders, and sustainability constitutes an integral part of that strategy. ABN AMRO's focus areas are the circular economy, climate change, human rights and social entrepreneurship. In 2020 we want to finance one billion euros' worth of circular company assets, across all sectors and through a minimum of 100 separate deals, resulting in carbon emissions reduction of at least one million tonnes. Groenbank will positively contribute to these goals. In addition to providing environmental benefits, the Green Scheme's aspirations include technological innovation and the introduction of novel ideas onto the market. Furthermore, ABN AMRO savings account holders have demonstrated a strong intrinsic motivation to save sustainably. We're estimating we can attract tens of millions of euros toward this goal this year.'

From mid-October, interested savers can initiate their green savings at Groenbank with a Green Deposit, through ABN AMRO's subsidiary Moneyou. A Green Deposit has a fixed return of 0% and a fixed term to maturity of one year. Savers will receive tax advantages through the Green Scheme.

Groenbank is a wholly owned subsidiary of ABN AMRO.