The ‘Principles for Responsible Banking’ were announced at the UN Environment Program Finance Initiative (UNEP FI) meeting in Paris on November, 26th. Out of 28 founding member banks, senior executives attended the meeting. Garanti BBVA is the only bank from Turkey among the founding members.
The Principles have been developed under the UN Environment Program Finance Initiative (UNEP FI) by 28 banks, jointly representing over USD 17 trillion in assets from five continents around the world where Garanti BBVA was the only bank from Turkey. The Principles, aimed at aligning the banking sector with UN Sustainable Development Goals (SDGs), will provide substantial contribution to these goals along with the Paris Agreement through setting the roadmap for the banking sector. Defining the new role of the banking in the 21st century society and economy, they aim to maximize the impact of the banking sector on achieving a sustainable, equal and prosperous future.
The founding 28 banks including Garanti BBVA Bank convened for the first time in April 2018, to develop the first draft Principles and worked closely with relevant stakeholders such as non-governmental organizations, banking associations, regulators and UN bodies since then. Following its announcement at the Global Roundtable meeting of the UN Environment Program Finance Initiative (UNEP FI) in Paris on November 26th, the Principles on Responsible Banking will be signed at the UN General Assembly in September 2019 with the participation of banks from all over the world.
Ali Fuat Erbil, the CEO of Garanti BBVA, commented the following on the subject:
“It has always been of utmost importance for us to positively contribute our country and the society at large, through achieving many firsts in our market. In this way, we aim to create value for all our stakeholders including our customers and employees. We believe that the Principles on Responsible Banking will guide us in taking the successful initiatives we have carried out so far a step further. These principles will also give us the opportunity to credibly demonstrate our concrete actions aimed at creating a better world. We are proud to be one of the decision-makers of this historic movement to build a better future and representing Turkey at the global level. We hope to set an example and encourage other players in the market with the actions that we undertake within the framework of Responsible Banking Principles. We wish all other banks operating in our country to participate in this important initiative and be a part of the change.”
‘Principles on Responsible Banking ‘, focuses on six areas, namely Alignment, Impact, Clients & Customers, Stakeholders, Governance and Target Setting, Transparency and Accountability. The Principles provide banks with a comprehensive framework that will help them make sustainability a part of their DNA at every stage and in every field of their activities, as well as to adopt a vision associated with social goals.
Including the Garanti BBVA from Turkey, other members of the core group are Access Bank (Nigeria), Arab African International Bank (AAIB) (Egypt), Banco Pichincha (Ecuador), Banorte (Mexico), Barclays (United Kingdom), BBVA (Spain), BNP Paribas (France), Bradesco (Brazil), Commercial International Bank (CIB) (Egypt), CIMB Bank (Malaysia), First Rand (South Africa), Golomt Bank (Mongolia), Hana Financial Group (South Korea), Industrial and Commercial Bank of China (ICBC) (China), ING (Netherlands), Kenya Commercial Bank (KCB) Group (Kenya), Land Bank (South Africa), National Australia Bank (NAB) (Australia), Nordea (Sweden), Piraeus Bank (Greece), Santander (Spain), Shinhan Financial Group (South Korea), Societe Generale (France), Standard Bank (South Africa), Triodos Bank (Netherlands), Westpac (Australia), YES Bank (India)