CIB Group, a key player in the Hungarian banking sector and a member of one of the world’s strongest banking groups, Intesa Sanpaolo, received this international recognition after winning the Euromoney Award for Excellence in the “Diversity and Inclusion” category last year.

This year, the magazine honored CIB Bank’s lending practices, product portfolio, corporate governance system, and support policies centered around sustainability with the “Best Bank for ESG” award.

In 2022, CIB Bank developed a business strategy valid until 2025, which prominently includes the implementation of its ESG (Environmental, Social, and Governance) strategy, according to a press release sent to the Budapest Business Journal.

To achieve this, the bank restructured its organization and processes, appointing the deputy CEO of CIB Bank to oversee the progress of the adopted ESG plans. Additionally, several roles were created to coordinate tasks and processes related to ESG, manage the risks associated with the new lending practices, and support ESG reporting.

As part of its ESG strategy, CIB Bank has committed to achieving carbon neutrality by 2030 and meeting its energy needs exclusively from renewable sources. The bank is also dedicated to implementing the environmental guidelines set out in the EU Taxonomy Regulation and the green recommendations of the Hungarian National Bank, integrating sustainability considerations into business decisionmaking, the bank tells the BBJ.

“Being a key player in the domestic banking system, we recognize that our activities can significantly contribute to the fight against climate change and the shaping of societal attitudes. We aim to encourage our clients and partners to support global sustainability goals through their investments.

ESG aspects have therefore been integrated into our lending decisions, credit risk models, and product and pricing policies, setting an example for the entire domestic financial sector. We are honored and delighted that our efforts have been recognized with an award from one of the world’s most respected financial magazines,” said Alberto De Stavola, deputy CEO of CIB Bank responsible for ESG.

As part of its ESG risk management policy, CIB Bank has established an “ESG Exclusion List” of activities it will not financially support due to their detrimental environmental impacts, following the guidelines of its parent bank. It evaluates industries and individual investment or loan applications from this perspective.

The bank’s ESG risk monitoring system assesses clients based on their sustainability performance, continually evaluating risk factors and taking necessary measures to eliminate or mitigate them.

Euromoney’s experts also acknowledged CIB Bank’s emphasis on financial security for its clients, protecting them from increasingly prevalent financial fraud, and ensuring transparency and efficiency in communication. To this end, the bank provides special training for its employees.

*********************************

You're very welcome to comment, discuss and enjoy more stories via our Facebook page: 
Facebook.com/XpatLoopNews + via XpatLoop’s groups: Budapest Expats / Expats Hungary

You can subscribe to our newsletter here: XpatLoop.com/Newsletters

Do you want your business to reach tens of thousands of potential high-value expat customers? Then just contact us here!