MSCI has elevated illimity Bank S.p.A.’s ESG rating from “A” to “AA” (Leader), marking a significant advancement for the institution.
This upgrade signifies a transition from the “Average” category to the esteemed status of “Leader” within its industry. MSCI, a prominent global provider of indices and benchmarks, utilizes a methodology designed to evaluate a company’s management of financially relevant Environmental, Social, and Governance (ESG) risks and opportunities.
Illimity Bank is the italian challenge bank founded by Corrado Passera specialized also in NPE and distressed credit market.
The decision to raise illimity’s rating to “AA” reflects MSCI’s positive assessment of the bank’s governance practices. MSCI deems illimity’s governance practices as well-aligned with the interests of institutional investors and reflective of best market practices. This positions illimity in the highest-scoring band when compared to its global peers. Additionally, MSCI commended the bank for its detailed policies concerning corporate ethics, anti-corruption measures, and confidentiality protection.
Fabio Pelati, Head of Investor Relations and Sustainability, expressed his thoughts on the achievement, stating, “The upgrade received from MSCI, following last year’s recognition, is a testament to the ongoing efforts of illimity in executing its sustainability strategy. The continuous integration of ESG criteria into the bank’s objectives, processes, and policies has been a key focus, and this recognition serves as a reward for our commitment.”
