Equitable Bank, Canada’s Challenger Bank, released its Public Accountability Statement (PAS) for fiscal 2024. The report outlines Equitable Bank’s commitment to supporting underserved communities, advocacy for improvements to Canada’s banking infrastructure and efforts to drive innovation and build a fairer, more inclusive financial landscape for Canadians.
“It’s more important than ever for Canadians to understand where their financial institutions stand on the issues that matter to them. We’re proud to share how fairness, transparency, inclusion and accountability remain foundational elements of our Challenger mission to drive change in banking to enrich people’s lives,” said Andrew Moor, president and CEO, Equitable Bank. “We remain focused on creating value for Canadians and driving innovation that reshapes banking for the better. Our bold approach is rooted in putting people first, and that will never change.”
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Each year, Equitable Bank shares its PAS to outline progress in its impact on Canadian communities and society at large. Grounded in the bank’s five core values of respect, integrity, service, empowerment and agility, Equitable Bank is making many strides in upholding its responsibility to all Canadians.
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Key highlights for 2024 include:
- Advancing affordable housing – Maintained its position as Canada’s largest securitizer of multi-unit residential buildings insured by the Canada Mortgage and Housing Corporation, funding $4.3 billion across 129 term loans, 41 construction loans and 170 properties nationwide
- Supporting Canadians with disabilities – Launched a national campaign through Concentra Trust to raise awareness for the Registered Disability Savings Plan, a vital tool that helps people with disabilities find financial security and empowerment
- Serving seniors and near-retirees – Expanded access to reverse mortgages through a direct-to-consumer channel, addressing the needs of an underserved demographic
- Digital banking product innovation – Launched the EQ Bank Notice Savings Account, a first-of-its-kind account in Canada with no fees and minimum balance requirements, to help customers to earn higher interest while saving in a unique way
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- Championing small businesses – Launched the EQ Bank Business Account delivering high-interest, no-fee banking and a seamless digital experience for small business owners and entrepreneurs
- Nurturing over 1,800 proud Challengers – Encouraged Equitable Bank’s inclusive, diverse and proud employee culture by supporting Employee Resource Groups (ERGs), including The Black Collective, Green Team, PROUD, Newcomers to Canada, Women in Tech and Indigenous ERGs
- Expanding corporate citizenship – Deepened community engagement through donations and sponsorships, including the Emerging Digital Artists’ Award – Canada’s leading award supporting emerging digital artists – and volunteering efforts supporting environmental restoration, food security programs and fundraising for critical medical research
Source: Businesswire
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