UBS is tasking one of its top credit bankers with responsibility for sustainable banking. The move underscores the Swiss bank's efforts to ride the impact finance wave.

Zurich-based UBS named Armin Peter head of sustainable banking for its investment bank in Europe, the Middle East, and Africa, according to «Financial News» (behind paywall). Peter is a veteran fixed income banker who will add the newly-created role to his current job as global head of debt syndicate.

The 13-year veteran of UBS joins Samantha Sutcliffe, who the Swiss bank in December poached from SEB to be its new head of green and sustainable bonds. This is also a new role for UBS.

Rising Pressure on Issuers

The appointments underscore UBS' efforts to show sustainability isn't just an issue for the wealthy clients its private bank caters to. Companies tapping credit markets are under increasing pressure to consider environmental, social, and governance, or ESG, criteria.

So-called «green» bond issues are also helpful for clients in wealth management, where the universe of investable products is still relatively limited. Investment banks are beefing up: Citigroup began building a new ESG unit with 100 investment bankers this year, while Deutsche Bank also maintains a sustainable finance unit.

«It’s a hugely important area that’s at the forefront of investors, regulators, issuers and consumers’ minds,» said Javier Oficialdegui, UBS' co-head of global banking, according to «FN».