Islington Council is set to overhaul its banking services with a focus on ethical and sustainable practices. The move comes as the council's current banking contract nears its end, prompting a review of its procurement strategy.
The procurement is being undertaken with a significant focus on ethical banking, environmental, social and governance factors. A Banking Procurement Members Working Group has been established to ensure the highest standards of ethical and sustainable banking practices are met.
The Islington Executive is scheduled to discuss and approve a new procurement strategy that prioritises ethical banking, environmental responsibility, and strong social governance at a meeting on Thursday, 25 September 2025, according to the agenda for the meeting.
According to the Executive reports pack, the Banking Procurement Members Working Group has been actively involved in shaping the procurement process. This group is ensuring that the selection of a banking service aligns with the council's commitment to ethical and sustainable practices.
The new contract will be for an initial five-year term, with the option to extend for up to two additional years. The approximate total cost is £560,000. The procurement will be conducted through the NEPO 531 framework for General Banking Services. Due to the council's banking requirements, including critical functionality, only three banking providers on the NEPO framework are likely to be considered.
The Executive will delegate the final contract award decision to the Acting Corporate Director for Resources, following consultation with Councillor Flora Williamson, the Executive Member for Finance and Performance.