Credit Suisse sets up investment banking sustainability advisory

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - Credit Suisse CSGN.S has set up a new investment banking advisory group to counsel clients on the issue of sustainability, the bank told staff on Friday.

Tom Greenberg, who currently co-heads the investment bank’s oil and gas group, will lead the Environmental, Social and Governance (ESG) advisory group, according to an internal memo seen by Reuters and confirmed by a spokeswoman.

“The group is tasked with capturing future investment banking opportunities and share of wallet, either through the identification of new high-growth clients that are solving global ESG challenges, or in advising existing clients on sustainable growth and finance opportunities,” David Miller, Credit Suisse’s head of Investment Banking and Capital Markets, said in the memo to staff.

As co-head of oil and gas, Greenberg has advised many of the bank’s largest energy clients on their strategic approach to the upcoming sustainable energy transition, Miller said.

Greenberg will also maintain his current oil and gas role, the memo said.

Angelica Nikolaussan, who the bank hired from Greentech Capital, an investment banking firm focused on supporting clients across sustainable technology and infrastructure, and recently acquired by Nomura, will join the ESG advisory group.

Reporting by Brenna Hughes Neghaiwi; editing by David Evans