City First Bank of DC, Ekobanken, and Southern Bancorp join like-minded banks from around the world to become members of the Global Alliance for Banking on Values
Signalling a growing appetite for the values-based banking movement
ZEIST, THE NETHERLANDS: The Global Alliance for Banking on Values (GABV), a network of the world’s leading values-based banks, today officially welcomed City First Bank of DC (USA), Ekobanken (Sweden), and Southern Bancorp (USA) as its newest members. This marks an increase in membership for the GABV to 28 banks and banking cooperatives, all of which share a unique mission to use finance to deliver sustainable economic, social and environmental development.
Celebrating the memberships, Dr Marcos Eguiguren, Executive Director, GABV said; “I welcome these banking trailblazers to the Alliance. Each member brings a unique perspective and expertise on how to use finance to create positive impact for the individuals, organizations and communities we serve. I look forward to connecting our latest members to an innovative and inspirational network of leaders, experts and partners committed to answering the question, ‘As banking institutions, how can we use all of our people, capital and resources to accelerate the scale of the economic, social and environmental impact we are duty-bound to support?”
Unlike mainstream banks, all of the new members have a values-driven agenda at the core of their mission. City First Bank of DC focuses on supporting and strengthening underserved communities through the provision of high quality banking and other services in Washington, DC and its suburban jurisdictions, as well as the Mid-Atlanta region of the USA: Ekobanken focuses on being a transparent Swedish bank for those who want to take responsibility for the influence of their money in society; how money is invested; and the origin of money that is lent: and Southern Bancorp focuses on creating economic opportunity in rural America through increased access to capital as well as responsible and responsive financial services that empower individuals, families and communities.
“Southern Bancorp is proud to join the ranks of such diverse and purpose-driven banks,” said Darrin Williams, CEO, Southern Bancorp, Inc. “Since our founding in 1986 by such visionaries as Bill and Hillary Clinton, Rob Walton and Muhammad Yunus, Southern has sought to raise up rural communities by helping individuals build net worth and increase economic mobility in an effort to create broad-based prosperity. Our membership in the Global Alliance for Banking on Values will help us amplify our impact by sharing strategies with other values-based financial institutions around the world and learning from them to serve more of the unbanked and underbanked in rural America.”
Values-based banks in the GABV are independent and profitable organisations delivering long term benefits for people and the environment. They are grounded in their communities, and work in the real economy (not the speculative financial economy) to offer transparent, inclusive financial services for a wide range of customers. GABV members play a crucial role in the transition to a more sustainable global economy.
About the Global Alliance for Banking on Values
Founded in 2009, the GABV comprises 28 financial institutions operating across countries in Asia, Africa, Australia, Latin America, North America and Europe; serving 20 million customers; holding up to USD 100 billion of combined assets under management; and powered by a network of 30,000 co-workers. www.gabv.org.
About Southern Bancorp