Umweltbank

The Umweltbank AG is a German direct bank that exclusively finances ecological loan projects with its customer deposits.[2]

Corporate philosophy

The Umweltbank has the objective of contributing to the protection of the environment through its business activities in every respect anchored in its statutes.[3]

Business model

With its customer deposits, the bank exclusively finances ecological lending projects in the fields of solar, ecological mortgages, wind and hydropower projects, biomass projects and organic farming.[4] The Umweltbank defines these financing priorities by the following positive and exclusion criteria:[5]

Public

Awards

Since its founding, the company has received several awards, including the Golden Bull for Sustainability 2009,[14] B.A.U.M. Environmental Award 2010,[15] the German CSR Prize 2013 and was awarded in the competition Office & Environment 2017.[16] In 2017, the Umweltbank was honored by Chip's new customer-hotline-test. Several direct banks were compared with regard to their availability, waiting time, service and transparency. The Umweltbank made second place.[17] In the customer survey of the German Institute for Service Quality on behalf of n-tv, the Umweltbank was awarded the quality rating very good. Customer satisfaction was assessed in terms of service, conditions, transparency, security, image and reputation of the bank and product range. In addition, customer anger and readiness to recommend flowed into the overall result.[18]

Engagement

The company supports various environmental organizations and conservation organizations through donations and membership fees.[15] It is a member of various interest groups and associations that promote the preservation of the environment and an ecological way of life or promote the development of renewable energies.[19] The Umweltbank is an official bearer of the Fair Company seal.[20] In 2017, it introduced an environmental management system that is validated according to the guidelines of the Eco-Management and Audit Scheme.[21] In addition, the Umweltbank has also published the Declaration of Compliance with the German Sustainability Code. This makes it one of around 200 companies that use the standard drafted by the German Council for Sustainable Development for their non-financial reporting.[22] The signing of the Diversity Charter advocates recognition and appreciation of all people in their corporate culture.[23]

Criticism

The magazine Finanztest reported that some investors were disappointed with the banking house. The bank had offered and sold them risky investments in wind farms with false advertising statements. Furthermore, it was reported that long-term investments in wind farms were recommended as secure retirement provision. The losses sustained by investors in numerous closed-end funds distributed by the Umweltbank have led to allegations that the Umweltbank has deliberately misled investors about the risks of wind funds.[24] The magazine Der Spiegel reported in early 2014 that many wind power projects, which attracted savers with the promise of high returns, were running poorly. One example was the report of a wind farm participation, which the Umweltbank had advertised as an ideal supplementary pension, but in which after a short time the prospective remittances did not occur.[25] After a lawsuit filed by the Verbraucherzentrale Bundesverband against the Umweltbank, the bank was defeated at the Nuremberg Higher Regional Court.[26] The verdict was final.[27] In the opinion of the court, the bank was not allowed to point out the advantages (high profit participation interest) without also presenting the risks accordingly.[28]

type	Corporation
industry	Direct bank
foundation	22 July 1994
location	Nuremberg, Germany
assets	€3.7 billion (2018)‡R1R‡
num employees	172 (2018)‡R1R‡
homepage	https://umweltbank.de/

Corporate philosophy

Business model

Bodies

History and numbers

Public

Awards

Engagement

Criticism

See also

External links

References

Corporate philosophy

Business model

Bodies

Share

History and numbers

Public

Awards

Engagement

Criticism

See also

External links

References