Equitable Bank releases Public Accountability Statement and inaugural Sustainable Bond Framework

 TORONTO, March 14, 2024 /PRNewswire/ - Equitable Bank, Canada's Challenger Bank™, is pleased to issue its annual Public Accountability Statement (PAS) and inaugural Sustainable Bond Framework (the "Framework"). Both the PAS and new Framework reinforce Equitable Bank's ongoing commitment to improve communities, reduce environmental impact and provide Canadians with better banking options and more enriching futures. 

"As Canada's Challenger Bank, we believe we're serving Canadians well by bringing more competition and innovation to an important sector of the economy," said Andrew Moor, president and chief executive officer. "We recognize that our broader accountabilities have expanded in tandem with our growth into Canada's seventh largest bank, and we're committed to living up to these responsibilities. I'm particularly pleased with the constructive role we're playing in helping address the current housing shortage."

Each year, Equitable Bank shares its PAS to outline positive contributions to Canadian communities and society at large. Key highlights from this year's PAS include:

• Maintained a leading role in financing affordable housing by funding 185 multi-unit residential properties across Canada with total loans of $3.4 billion through various Canada Mortgage and Housing Corporation affordable housing programs
• Supported Canada's growing senior and near-retiree population financially to age in place through a now $1.3 billion reverse mortgage business
• Served over 400,000 Canadians with the award-winning EQ Bank digital platform in 2023, which offers everyday banking without fees, plus a competitive interest rate
• Provided customers with an easy and seamless way to support their financial futures nationally through the launch of Banque EQ and Carte Banque EQ in Québec, alongside Canada's first fully digital First Home Savings Account
• Advanced inclusion, diversity, equity, accessibility and anti-racism work in support of workforce engagement including championing Equitable Bank's six Employee Resource Groups (ERGs), each of which presented individual three-year strategies

Today's publication of the Framework enhances the Bank's commitment to contribute to a net zero transition for Canada and provide a service that is inclusive of all Canadians. Under the Framework, Equitable Bank can issue three types of bonds: green bonds, social bonds and sustainability bonds. In each case, proceeds of an issuance will be used to finance or refinance eligible green and/or social assets that meet Equitable Bank's Sustainable Bond Framework eligibility criteria. Eligible categories include green buildings, energy efficiency, social and affordable housing and access to essential services. The Framework was developed in alignment with international best practices and in close consultation with advisory partner RBC Capital Markets acting as sustainability structuring agent.

Sustainalytics, a leading independent ESG research, ratings, and analytics firm, has reviewed the Framework and is of the opinion that the Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021 and Social Bond Principles 2023, as administered by the International Capital Market Association.

"Our challenger mindset means that sustainability is inextricable from our core values, long-term objectives and strategic priorities," continued Moor. "We take our societal responsibilities seriously and are committed to improving our country's communities and environment by financing critical projects that support sustainability." 

To learn more about Equitable Bank's positive contribution to Canada's economy, communities and environment, please visit eqb.com/esg.

Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 607,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB and EQB.PR.C), a leading digital financial services company with $119 billion in combined assets under management and administration (as at January 31, 2024). Through its digital EQ Bank platform (eqbank.ca), its customers have named it the best bank in Canada on the Forbes World's Best Banks list since 2021.

To learn more, please visit eqb.investorroom.com or connect with us on LinkedIn.

Investor contact:
Sandie Douville
VP, Investor Relations & ESG Strategy
[email protected] 

Media contact:
Maggie Hall
Director, PR & Communications  
[email protected] 

Statements made in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about EQB Inc. (including subsidiaries) objectives, strategies and initiatives, financial performance expectations and other statements made herein, whether with respect to EQB's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the MD&A and in EQB's documents filed on SEDAR at www.sedarplus.com  All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

SOURCE EQ Bank