LONDON, September 19, 2013 /PRNewswire/ --
"Gone are the days when banks existed purely for the purpose of generating profits," writes World Finance, as financial crisis and the banking collapse has given rise to a wave of sustainable banking.
"Sustainable banking is transitioning from filling a niche role in the wider banking world to offering a serious alternative to the strategies and practices employed by major financial institutions," writes World Finance in the new September-October Banking issue. In the aftermath of banking's collapse, sustainable initiatives have - quite understandably - been met with scepticism by the banking public, yet there exists a willingness amongst major banks to offer ethical and sustainable products in meeting public demand for changes to banking culture.
"Both customers and financial managers are looking to enhance the society and environment around them, in a more sustainable and conscientious manner," reads World Finance. The shift can best be seen in the regions hit hardest by crisis, one example being Italy, which has seen a significant rise in sustainable banking throughout 2013 - best illustrated by a growing interest in Banca Etica.
Another beneficiary of the upturn in sustainable banking is microfinance, which has grown quite considerably in 2013. Kenya has seen profits from microfinance rise 21 percent in the past year, whereas microfinance is thought to have contributed as much as $1.38bn to Nigeria's economy over the past year.
To read more about sustainable banking in 2013 and see the recipients of this World Finance's Banking Awards head over to http://www.worldfinance.com and read the new banking issue in print and online now.
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SOURCE World Finance