Gender equality is a precondition for global development. Our Corporate Trust business advances gender equality – within our walls and beyond.
Research shows that gender equality is a precondition for global development. Women help fuel the global economy, controlling $20 trillion in spending every year and putting 90 percent of their incomes back into their local communities.1 BNY Mellon is committed to advancing gender equality and helping our clients do the same.
One client of our Corporate Trust business, Turkey’s Garanti Bank, has been offering products and services for women in business since 2006. In 2018, we served as the fiscal agent for a $75 million gender bond issued by Garanti Bank to help finance women entrepreneurs. The number of women entrepreneurs increased 13 percent globally in 2017, yet only 2 percent of venture funding went to female founders. Garanti Bank’s bond is the first emerging markets gender bond by a private bank and the first-ever such issue by a Turkish entity.
“Garanti’s commitment to women aligns very well to BNY Mellon’s ‘gender-lens’ investing principles,” said Sonia Chaliha, global head of business development for Corporate Trust. “We are proud to support a private bank with similar values around Corporate Social Responsibility.”
Corporate Trust employees also “walk the talk.” Team members consistently lead, engage and give back to local peers, events and networks. For example, Jennifer Fredericks, vice president of business development for Corporate Trust, actively champions and supports a myriad of women’s leadership initiatives within BNY Mellon and across the broader finance community, including as co-chair for the BNY Mellon Chicago Women Initiative’s Network (WIN).
“Involvement in these networks can have a profound impact on a woman’s career through mentorship, sponsorship and connection,” said Fredricks. “The people I’ve met through these channels have challenged and sponsored me to expand my role and pursue additional experience and exposure outside of my department. They have helped to advance my career and have given me a seat at the table to ensure other BNY Mellon women employees have access to the same or even greater opportunities moving forward.”