-- A group of US regional banks is ratcheting up lending to oil, gas and coal clients, grabbing market share as bigger European rivals back away.The list of banks includes Citizens Financial Group Inc., BOK Financial Corp. and Truist Securities Inc. , according to data compiled by Bloomberg . The companies have climbed between 13 and 40 steps up the league table for fossil-fuel lenders since the end of 2021, placing them among the world’s top 35 banks by number of deals.
Wall Street’s largest banks, meanwhile, remain among the absolute biggest lenders to the fossil-fuel industry. Last year, such loans were dominated by Wells Fargo & Co., Bank of America Corp. and JPMorgan Chase & Co., according to Bloomberg data. “We’re not just picking up customers,” she said. “We’re also picking up talent, we’re picking up engineers, we’re picking up investment bankers, we’re picking up experienced relationship managers.”
From its base in Ohio, whose senate also has passed anti-ESG legislation, Fifth Third was recently among three banks that replaced Barclays Plc on a $325 million loan to ProFrac Holdings, a fracking company. That’s as the UK bank places curbs on high-carbon clients as part of its climate policy. The upshot is that even if banks pull away from the fossil-fuel industry, “replacements come along and the financings continue,” Kerr said.
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US Bancorp Truist Securities Inc. Fossil-Fuel Oil And Gas Industry BOK Financial Citizens Financial Regional Banks List Of Banks Truist Securities Fifth Third
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