Birmingham-based Unity Trust Bank (Unity) has received £6m ($8.59m) from the Sustainability | Finance | Real Economies Fund (SFRE).
This is the second investment in developed markets that the SFRE has made. It hopes to commit $300m to such investments by 2028. As of 1 January 2018, it has invested $44m.
This is part of Unity’s £11m of new investment from the SFRE and existing shareholders since the beginning of the year. This has allowed Unity to buy back its shares from the Co-operative Bank, which is no longer a shareholder in Unity.
“We are ambitious and energised by the encouragement of our existing shareholders and delighted to welcome SFRE as a new investor who shares so closely Unity’s purpose and philosophy”, says Margaret Willis, Chief Executive Officer of Unity Trust Bank.
Justina Alders-Sheya, Fund Manager of the SFRE Fund: “This investment allows us to consolidate SFRE’s position in developed markets and to further align the fund’s portfolio between emerging and developed markets. We are excited to add this investment to our portfolio in light of the perfect mission alignment between Unity and SFRE. We look forward to work with Unity’s excellent management team.”
Unity is one of a number of banks hoping to bring ‘ethical’ banking to the UK’s financial sector. For more, click here.