Wells Fargo Factors Environmental Considerations into Lending Standards

Date: July 8, 2005

Source: News Room

Wells Fargo has announced that it will tighten its lending standards in an attempt to address potential environmental risks. The bank has joined Citigroup Inc., Bank of America Corp., and JP Morgan Chase & Co. in taking a harder look at environmental lending standards. The company also plans to provide $1 billion of financing over five years for environmentally friendly business opportunities. The company has pledged by year's end to adopt new due diligence procedures for mid-size and large business clients in environmentally sensitive regions, and will adopt the "Equator Principles," designed by the World Bank's private sector arm to direct project financing in such regions.
More information: www.wellsfargo.com.

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