Bank / Credit Union

MUFG Union Bank launches ‘green deposits’ to help the environment

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February 22, 2021

MUFG Union Bank N.A. is launching a green deposit program for commercial and corporate clients to support sustainable projects that benefit the environment.

Green deposits are now available for MUFG Union Bank customers to make in the U.S, giving them the opportunity to invest their money directly in environmental, social and governance projects, according to a press release. Once a client makes a green deposit, MUFG will use those deposited funds to finance ESG projects such as energy efficiency; renewable energy; green transport; sustainable food, agriculture, and forestry; waste management and greenhouse gas reduction.

MUFG partnered with Sustainalytics, an ESG research ratings and data firm, to develop the bank's green deposit framework

"Our new green deposits offering aligns with our clients' commitment to the environment by embracing social responsibility and sustainable investing," Ranjana Clark, head of global & Americas transaction banking and Bay area president, MUFG, said in the release. "MUFG is focused on developing innovative products and services that support our clients' objectives and that leverage our business strengths, such as project finance and liquidity management."

MUFG Union Bank N.A. operates 348 branches primarily in the West Coast states, along with commercial branches in Texas, Illinois, New York and Georgia.