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Íslandsbanki’s ESG score lowered to B1

Íslandsbanki’s updated ESG rating is 84 points, giving a score of B1.

Reitun has updated Íslandsbanki’s environmental, social, and governance (ESG) score, which indicates the Bank’s performance in the area of sustainability. Íslandsbanki places rich emphasis on a strong performance in sustainability and has been among the front ranks in this regard. Reitun’s ESG assessment covers three broad areas: environmental, social, and governance practices.

The previous assessment, announced in July, was issued with a proviso concerning the Central Bank of Iceland’s investigation of the March 2022 sale of part of the Government’s holding in the Bank.

“The Bank’s ESG rating has fallen by 1 notch, from A3 to B1, as its total score has declined from 90 points to 84. Reitun has concluded that Íslandsbanki’s response to the issue has been good, and that it is positive to see appropriate action that will lead the Bank towards a higher rating in coming years,” according to the updated assessment.

In view of the Central Bank’s conclusions and the aftermath of the matter, we fully understand the reduction in the ESG rating. Reforms have already been implemented and will continue here at Íslandsbanki. Our determination to perform well in the area of sustainability has not diminished, and we plan to achieve a top-level rating again as soon as possible.

Jón Guðni Ómarsson
CEO of Íslandsbanki