The mutual banking group has become one of the first Australian lenders to have mortgages and retail deposits certified by the RIAA.
The RIAA certification program takes into account environmental sustainability, social equality and good governance, promoting responsible investment and ethical financing in Australian banks.
Coming into effect for new mortgage products and deposits across Teachers Mutual Bank Limited as of last month (December 2018), the RIAA certification for responsible investment products will reportedly cover $1.3 billion of retail mortgages and deposits in 2019, $1.9 billion in 2020 and $2.7 billion in 2021.
This will cover deposits and mortgages for all Teachers Mutual Bank Limited brands: Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank.
According to the lender, the RIAA certification could generate more than $3.5 billion in responsible investment in 2021.
Steve James, CEO of Teachers Mutual Bank Limited, commented: “This announcement demonstrates Teachers Mutual Bank Limited’s determination to champion responsible investment. We’re acting on our values and aligning our business practices with our members’ expectations.
“‘We’re not a bank that has to be forced to do the right thing for our members by regulation, our members know we work for them alone. That’s the standard our community should expect of all banks,” he added.
Simon O’Connor, CEO of the RIAA, also commented, saying: “At a time when more and more consumers are wanting to ensure their banking and investments are managed ethically, RIAA certification provides certainty that an organisation has reached high standards of disclosure and performance and confirms the authenticity of their commitment to responsible banking.
“We congratulate Teachers Mutual Bank on meeting these requirements and delivering ethical banking for their clients.”
Ezekiel is a journalist on the mortgages, property investment and wellness titles at Momentum Media.
Before joining the team in 2019, he was a freelance journalist for Vice Australia, Pulse Radio and the Sydney-based travel publication Global Hobo, among others.
Ezekiel studies a double Bachelor of Communications and International Studies at the University of Technology, Sydney.