Teachers Mutual Bank Limited will create billions of dollars of responsible investment as it becomes one of the first Australian banks to certify its retail deposits, mortgages, and wholesale funding.
This certification from the Responsible Investment Association Australasia (RIAA) could generate more than $3.5 billion of socially responsible investment for the bank by 2021. This certification will cover deposits and mortgages for all Teachers Mutual Bank Limited brands: Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank.
‘This announcement demonstrates Teachers Mutual Bank Limited’s determination to champion responsible investment. We’re acting on our values and aligning our business practices with our members’ expectations,’ stated Steve James, CEO, Teachers Mutual Bank Limited.
‘We’re not a bank that has to be forced to do the right thing for our members by regulation, our members know we work for them alone. That’s the standard our community should expect of all banks,’ said Steve James.
The bank estimates that this certification will cover a cumulative $1.3 billion of retail mortgages and deposits in 2019, $1.9 billion in 2020, and $2.7 billion in 2021.