15 November 2024 
Joni Rhodes, BUFDG Project Manager
The Banking Engagement Forum (BEF), led by the University of Cambridge, has released an update to co-signatories of the Request for Proposals (RfP) that was issued earlier this year.
The following institutions have been named as the first tranche that align with the RfP objectives:
Cambridge treasury position
In 2023, a sustainability principle was added to the Cambridge treasury policy, along with an increased weighting towards building societies. The University has mandates with Coventry, Leeds, Skipton, and Yorkshire Building Societies. Based on the RfP outcome, we will now seek Finance Committee approval to increase the University’s limit for each of these institutions.
At present, the other aligned institutions are not competitive for University of Cambridge purposes, though they may be suitable for some of our co-signatories. Notably, Unity Trust Bank currently lacks a Fitch credit rating, which places it outside the existing treasury policy, although it is understood they are in the process of applying for one. The Co-operative Bank does have a Fitch credit rating, but falls below the required threshold for Cambridge; however, discussions are ongoing in light of their forthcoming merger with Coventry Building Society and co-signatories will be updated in due course.
Mandate changes at co-signatory institutions
This is the first phase of an ongoing process and the Forum are keen to maintain pressure on financial institutions that are financing fossil fuel expansion by making a series of public announcements. As such they would be very grateful if, as institutions makes additions or increases to its mandates based on this process, the BEF team is kept informed as public discourse is an important part of achieving the outcomes of this work. Edinburgh University will be supporting with communications.
Next phase
This is the first tranche of potential counterparties that align with our joint objectives. The BEF are continuing to engage intensively with three additional institutions, all full-service banks.
If you would like more information on getting involved, contact details for any of the aligned institutions, or news to share please get in touch with the Banking Engagement Forum team.
