NewB: The Belgian cooperative bank project to become a new bank?

The cooperative bank project, NewB, managed to reach the amount of 30 million euros needed to obtain its banking license. The news about the success of the fierce campaign was announced on their Facebook page, thanking all the people who passionately supported this project. NewB is a Belgian cooperative that has a vision to build an ethical and sustainable bank at the service of a society that respects the planet and human rights.

The announcement came as the bank collected 27 million euros (out of the necessary 30 millions), but the project officials affirmed that the objective was reached in promise of subscription. Many people pledged the support and registered their intent to send payments, surpassing the bar of 30 millions. At this moment, more than 32 millions is collected with more than 62.000 investors.

This is why NewB decided to extend this period of subscription to new shares by one week, until December 4th in order to make sure that all the pledges of subscription arrive on the account. This way, it is expected that the overall sum will climb to 35 million euros.

The cooperative launched its capitalization campaign on October 25th. It had the goal to raise 30 million euros by November 27, which is the condition to obtain a favorable decision of the European Central Bank (BCE) on the application for banking approval.

What is NewB?

NewB has promised that its banking activities will be ethical, transparent and 100% geared towards the energy transition. Its credits will be devoted to green mobility, the energy performance of buildings and the small production of renewable energy. The goal is to have a bank that finances the local economy and makes the difference for sustainable projects with real added value for our society.

If the whole process succeeds, this would be the first time in more than 50 years that bank is created from scratch in Belgium.