Sovcombank has launched a new product for its corporate clients - a deposit linked to sustainable development goals (ESG deposit). EVRAZ has become its first depositor: its member company EVRAZ NTMK smelter has deposited funds with Russia's first ESG-deposit at Sovcombank.

The funds will be used to finance projects in line with the UN Sustainable Development Goals (transformational, green and social projects).

In its taxonomy, the Bank adheres to the standards developed by VEB.RF and approved by the Russian Government (green and adaptation projects) as well as the criteria developed by ICMA and LMA (green and social projects).

Mikhail Avtukhov, Deputy Chairman and Head of Corporate Investment Unit, Member of the Board of Sovcombank:

"The bank continues to actively develop its line of responsible financing and investment products with rates linked to sustainability goals. The new ESG deposit, compliant with national and international standards, will support the ESG strategies of our corporate clients and will facilitate the transition to a clean, energy-efficient and environmentally sustainable economy in our country".

In 2019 Sovcombank was the first Russian bank to adopt the United Nations Environment Programme's (UNEP FI) Principles for Responsible Banking, emphasising its commitment to sustainable development and corporate social responsibility. In its 2020 Sustainability Report, Sovcombank published strategic ESG targets, including to reach net-zero greenhouse gas emissions from its own operations by 2030.

PJSC Sovcombank is a universal bank and one of the 10 largest banks in the country (with assets of RUB 1.9 trillion according to IFRS). The Bank employs 22,600 people in 2,629 offices located in 1,050 communities in 78 regions of Russia. The Bank serves 12.1 million customers, including 11.3 million borrowers, 600,000 depositors and 200,000 legal entities. Sovcombank has been assigned the following ratings from international agencies: a BB rating with a positive outlook from Standard & Poor’s, a Ba1 rating with a stable outlook from Moody’s and a BB+ rating with a stable outlook from Fitch Ratings. Its credit ratings from Russian agencies include an AA- rating with a stable outlook from ACRA, a ruАА rating with a stable outlook from Expert RA and an AA- rating with a stable outlook from National Credit Ratings agency.