The National Bank of Bahrain (NBB) has once again been awarded with the ‘Best Bank for ESG in Bahrain’ award at the Euromoney Awards for Excellence 2023, having previously won in 2022.
The highly acclaimed award reflects the Bank’s significant achievements towards Environmental, Social and Governance (ESG) practices. Since the introduction of NBB’s 3-year sustainability roadmap in 2020, NBB has continuously integrated ESG considerations across its business conduct and operations, and enhanced its disclosure practices through aligning with a number of International ESG reporting frameworks.
Noteworthy ESG initiatives within NBB operations include the launch of NBB’s ESG Academy in 2022 in partnership with the Supreme Council for Environment (SCE), the launch of national benchmark for internship programmes, Evolve and Thrive, and the improving performance indicators around environmental issues such as the continued reduction in energy consumption, water consumption, Greenhouse Gas Emissions reduction, and maintained level of waste management.
NBB’s business conduct was also acknowledged and some noteworthy initiatives include the development of innovative financing structures provided to the retail sector; where products with environmentally/socially positive impacts are offered at preferential rates. The bank’s offerings in the Commercial and SMEs business segment has also seen improvement where NBB’s Tamweel Alwatani financing scheme has been revamped to widen the scope of eligibility to benefit from the scheme. For the Corporate and Institutional Banking client base, the bank has been offering a more customized approach that aligns with the level of sophistication required. On that front, NBB was appointed as a Sustainability Coordinator on a US$ 1.3 billion syndicated loan transaction in 2022, for one of the key strategic assets of the Kingdom of Bahrain.
Boris Dechev, Senior Research Analyst at Euromoney, commented; ‘NBB led the way in sustainability with a 13% reduction in energy, emissions and water usage, while enabling customers to make eco-conscious choices with innovative products.’
Commenting on the Bank’s achievement, Usman Ahmed, Group Chief Executive Officer at NBB said; ‘We are honoured to have been recognised for a second year at the 2023 Euromoney Awards for Excellence, for our accomplishments in the Sustainability space. This award is a testament to our unwavering dedication to environmental sustainability, social responsibility and strong governance. We believe in creating positive impact in the communities in which we operate and aim to lead the industry by example as a sustainability-driven organisation.’
NBB remains committed to building on its existing ESG practices and will continue to work with stakeholders and partners to innovate future initiatives that align to the national vision and have a positive impact on society.