The National Bank of Bahrain (NBB) today (July 14) celebrated a significant achievement in its ongoing sustainability journey after being awarded ‘The Middle East’s Best Bank for Corporate Responsibility’ by the Euromoney Awards for Excellence 2021 – the global financial sector’s most esteemed accolades across the region and the world.
NBB’s nomination came as a result of the significant strides made by the bank to integrate ESG principles into its framework, the positive initiatives delivered over the past year, as well as its continued market leadership and ongoing efforts to operate sustainably.
The bank was evaluated based on a set of criteria that measured NBB’s efforts throughout the year, assessing merits that fell under specific categories, including, contributions towards the community and individuals during Covid-19, Heritage Preservation, Enhancing the Entrepreneurship Ecosystem, Diversity and Inclusion, Talent &Training, and Corporate Responsibility as part of ESG.
NBB has set many firsts in its quest for sustainability excellence as it strives to conduct business in a responsible manner, ensuring that its approach to sustainability is aligned to the UN SDGs, the Bahrain Bourse voluntary ESG Guideline, and Bahrain’s Economic Vision 2030.
The bank’s sustainability framework contains seven pillars: economic growth, responsible banking; serving customers; nurturing the workforce; community investment; preserving natural resources; and governance and ethical behavior.
Commenting on the award win, Chairman Farouk Yousuf Khalil Almoayyed said: "It gives us great pleasure to receive this honour from Euromoney, recognising NBB’s efforts as a leader in the field of sustainability."
"We are very proud of this accomplishment which stands testament to the efforts exerted by the Bank to transform NBB into an institution focused towards the future and a responsible, and conscientious entity that operates with a sustainable framework for generations to come. Today, NBB is reaping the rewards of its strategic shift as an ESG-driven, digitally capable, responsible and transparent banking institution with a unique value proposition for everyone it serves," remarked Almoayyed.
"I would like to express my sincere appreciation to the Bank’s Board and management for their invaluable support and guidance, acting as role models and allowing the Bank to excel, and above all, to our customers for their unwavering loyalty and the people of NBB whose efforts have paved the way for the Bank’s numerous milestones including this regional accolade," he added.
Since 2019, NBB has been steadily introducing initiatives in line with its established ESG strategy and implementation roadmap, and has been paving the way to a complete integration of ESG guiding principles into its operations.
With corporate responsibility as the driver of its strategy, the bank focused on strengthening its departments to maintain business sustainability and are well-positioned as a market benchmark in terms of compliance with regulations, corporate governance and risk management, by placing a foundation for the involved committees to further drive its future ESG plans.
Further commenting on the Euromoney awards, CEO Jean-Christophe Durand said: "It is an honour for us at NBB to receive such recognition at a local and regional level. This award underlines the significant progress we have made in executing and bringing to life our responsible banking strategy, in line with our role as a national leader and avid contributor to the kingdom’s long-term socio-economic wellbeing."
"The accolade underscores our achievements to-date and further pushes us to operate as part of Team Bahrain, adding value to society, and delivering on our brand promise to “Enrich the Lives of Generations” for years to come through our commitment to a more sustainable, transparent method of operation in the Kingdom and the region," he added.-TradeArabia News Service