Deutsche Bank launches Social Bond on behalf of Banco Alimentare
Since last year, Fondazione Deutsche Bank Italia has supported the non-profit organisation Fondazione Banco Alimentare Onlus in its mission to recover and redistribute surplus food to the less fortunate through various solidarity initiatives. In addition to more than 350 hours of direct voluntary involvement of Deutsche Bank employees in Italy, the backing has now been bound for a long run.
Over the year, the successful support has increased: Deutsche Bank has launched a Social Bond on behalf of Banco Alimentare valued up to EUR 20 million and the first of its kind in Italy As part of Fondazione, Deutsche Bank's social initiatives the project aims to create opportunities for people in need. Subscribers of the Social Bond will receive a 1,25% fixed gross coupon per year. Banco Alimentare will receive a donation equal to 0,50% of the nominal amount placed.
Recovering and redistributing food: 365 days a year
Since 1989, the non-profit organisation, Banco Alimentare, has been recovering food items throughout Italy which, despite being unopened and unexpired, would nevertheless be destroyed as they can no longer be sold . Saved from destruction, they reacquire value for those who have too little.
Cooperating with its 21 own organisations located nationwide and coordinated by the non-profit Fondazione Banco Alimentare (Food Bank foundation) the Banco Alimentare network recovers and redistributes food across Italy. In 2013, 62,826 tons of surplus food items and more than 790,900 cooked meals from catering enterprises, company and school canteens could be recovered. Moreover, the network was able to collect 10,000 tons of donated food products, predominantly during the National Food Collection Day, another program derived from the Food Bank’s initiative.
Since last year, Fondazione Deutsche Bank Italia has been supporting Banco Alimentare’s mission to recover and redistribute food free of charge through the direct involvement of the Corporate’s employees in Italy. In 2013, 378 hours of volunteer work were provided at the Banco Alimentare food collection warehouses in five cities, and over 500 kilos of food were donated by the staff of Deutsche Bank in Milan.
People in need benefit from the daily redistribution of food through Banco Alimentare’s network covering 8,898 charitable organizations all across Italy.
“The backing of such a reliable partner as Deutsche Bank enables us to tackle occurring difficulties with great determination, further increasing the daily recovery of food and its redistribution in the areas of greatest need in our country.”
Fondazione Deutsche Bank Italia
Deutsche Bank’s corporate citizenship activities are brought to life in its regional units and endowed foundations ensuring the creation of social capital in all regions in which the bank operates. Fondazione Deutsche Bank is the Group’s most recently launched foundation mainly focusing on social and educational projects in Italy. Its main objective is to encourage young people to realize and develop their full potential and to promote equality of education for the disadvantaged. Furthermore, the foundation is committed to promote Italy’s traditions in the arts and crafts.