Strong growth leads Triodos Bank to announce capital raising plans
15 May 2009 – Triodos Bank has announced plans for a new capital raising offer this Autumn at today’s Annual General Meeting (AGM).
Triodos Bank’s strong growth across all its activities is the immediate cause for the capital raising. Over the next three to four years, the Bank expects to double its balance sheet total, customer numbers and lending to sustainable companies. The financial crisis has led to unprecedented interest in Triodos Bank’s sustainable approach to banking. The planned capital raising will help support the Bank’s anticipated growth.
Triodos Bank’s CEO Peter Blom: “I want to emphasise that we launch this international issue of depository receipts from a position of strength. Our growth is faster than foreseen; we continue to thrive despite the financial crisis; and have no shortfall of capital. The last four months we have grown even faster than ever before and with customers’ numbers growing by over 10%. We want to reinforce our capital base so we can lend even more to sustainable projects and companies.” The Bank will focus on sustainable sectors where it has strong experience and knowledge. Blom: “We are convinced that sustainable sectors like organics, solar and wind power will have strong growth.
Appointment of new member of the Supervisory Board
During the AGM Mr David Carrington (1946) was appointed as new member of the Supervisory Board. Mr Carrington has been Chief Executive of three foundations including The Baring Foundation (1992-8). He is a founder Director of the Trust that publishes the global journal on philanthropy and social investment, Alliance, and a Trustee of the National Foundation for Youth Music and of the National Youth Orchestra of Great Britain. He is also a member of the Social Investment Task Force and the Commission on Unclaimed Assets in the UK. He chairs the editorial group of the Philanthropy UK e-newsletter.
Ms. Marjatta van Boeschoten retired from the board. She was at the end of her second term and is no longer eligible for reappointment. Ms. Tineke Bahlmann also retired. She was asked by the Dutch Government to become member of the Supervisory Board of ING Group.
Triodos Bank regularly launches issues of Depository Receipts. The last time was in 2007, increasing its equity by 50% - around 67 million Euros. The Bank now has over 12,000 Depository Receipts holders. Private investors hold half the capital, with the other 50% held by institutions like pension funds and financial institutions.
Triodos’ balance sheet total grew in 2008 by 25% to EUR 2.4 billion and its number of customers also increased by 25%.
Sustainable banking
Triodos Bank is an independent bank that promotes sustainable and transparent banking. The Bank, which was founded in 1980, does not see any conflict between a focus on people and the earth and a good financial return. Instead it is convinced that they will reinforce each other in the long-term.
Triodos Bank was involved from the very beginning in fiscal promotion schemes for green, social-ethical and cultural projects in The Netherlands. Triodos Bank launched the first green fund and culture fund in The Netherlands and is a global authority in the field of microfinance in development countries, Central Asia and Eastern Europe.
Through its activities Triodos Bank wants to give an impulse to the market for sustainable banking. Triodos Bank now has 200,000 individual customers and invests in over 9,500 projects. The Bank has braches in The Netherlands, Belgium, UK and Spain and a representative office in Germany.
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