Intesa Sanpaolo is aware of the importance of the correct and responsible allocation of credit, according to criteria of social and environmental sustainability. To this end, it devotes particular attention to examining the sustainability issues associated with sectors considered more sensitive, such as the armaments, nuclear energy, and fossil fuel extraction sectors.
Sensitive sectors are identified among those that have a significant socio-environmental risk profile and that are the subject of awareness-raising initiatives or pressure campaigns by specialist NGOs, civil society groups and customers.
Among the sensitive sectors monitored by the Bank, production and trade of military weapons are particularly important. In September 2016 a new policy on this sector was issued.
In keeping with the values and principles expressed in the Code of Ethics and in the knowledge of the need to support national and European defence, together with the allied countries in NATO, the Intesa Sanpaolo Group does not support operations that relate to the production and trade of military goods, even if permitted by applicable law, in countries that do not belong to the European Union and/or NATO. The company rules also prohibit engagement in any kind of banking or lending activity related to the production of and/or trade in controversial weapons and/or banned by international treaties and in particular: nuclear, biological and chemical weapons; cluster and fragmentation bombs; weapons containing depleted uranium; and anti-personnel landmines.
In 2017, the total number of transactions reported to the Ministry of Economy and Finance pursuant to Law 185/1990 in terms of loan disbursements and payments amounted to 272.3 million euro. For the International Subsidiary Banks, the volume of transactions in the arms sector was 27.5 million euro.
In other sensitive sectors, the Corporate Social Responsibility Sub-Department, in agreement with the Reputational Risk Office, provides the business and lending Structures, on their request, with prior opinions on the social, environmental and reputational risks.