Renewable

November 3 (Renewables Now) - Fifth Third Bancorp (NASDAQ:FITB) has settled the issuance of a USD-500-million (EUR 432m) green bond in its first such offering.

The Cincinnati, Ohio-based indirect parent of Fifth Third Bank said on Monday that it will use the proceeds to finance eligible green projects, including in the field of green buildings, renewable energy, energy efficiency and clean transportation.

Fifth Third noted that this issuance makes it the first US financial institution with less than USD 250 billion in assets to issue an Environmental, Social and Governance (ESG)-linked bond of any type.

“Our Green Bond enables us to provide liquidity to our customers in their transition to a sustainable future as well as additional investment opportunities to our investors to meet their investment objectives,” commented Jamie Leonard, executive vice president and chief financial officer at Fifth Third Bancorp.

The offering was led by JP Morgan Securities LLC, Fifth Third Securities Inc and Citigroup Global Markets Inc.

Last year, Fifth Third became the first regional, commercial bank to become carbon neutral when it comes to its own operations, including greenhouse gas emissions from bank-owned facilities and business travel.

(USD 1.0 = EUR 0.863)