Case study: How Grupo Financiero Banorte works with its clients and customers to encourage sustainable practices

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Every six months, Grupo Financiero Banorte engages with its stakeholders to identify the key issues that should be prioritized in its sustainability strategy, utilizing specific communication channels tailored to each group. The stakeholders Grupo Financiero Banorte interacts with include:

• Shareholders and investors
• Employees
• Suppliers and partners
• Customers
• Regulatory agencies
• Industry associations
• Society
• Media

The insights gained from these consultations are used to develop the materiality matrix, incorporating input from an impact perspective. Additionally, the financial perspective for the materiality matrix is informed by interviews with senior management.

Grupo Financiero Banorte’s most recent materiality analysis took place in 2022, and the findings from this assessment will shape its sustainability strategy for the years 2023, 2024, and 2025.

How did Grupo Financiero Banorte work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 PRB Reporting and Self-Assessment Template Grupo Financiero Banorte reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Grupo Financiero Banorte has established a socio-environmental risk management system that offers guidance to its clients through various business areas, assessing their performance and providing recommendations and best practices within the industry. This process is governed by Grupo Financiero Banorte’s socio-environmental risk policy and natural capital policy, with the aim of aiding in the prevention and mitigation of impacts that are integrated into its decision-making processes.

As a financial institution, Grupo Financiero Banorte recognizes that raising awareness about the advantages of different financial products and services—and facilitating access through branches, correspondents, and digital channels for remote access—represents a significant opportunity for both society and its business. Consequently, Grupo Financiero Banorte is continually striving to be an inclusive bank, actively listening to its clients to deliver innovative products and services. Grupo Financiero Banorte advocates for financial inclusion to ensure that more people can access financial solutions that meet their needs, thereby creating better opportunities for all.

Grupo Financiero Banorte is dedicated to launching initiatives that advance financial services and enhance financial education, equipping individuals with essential information. In this context, financial inclusion serves as a key enabler in reducing poverty and promoting overall prosperity. As signatories of the Principles for Responsible Banking established by UNEP-FI, Grupo Financiero Banorte committed in 2022 to focus on Health and Financial Inclusion, with the goal of promoting universal financial inclusion and fostering a banking sector that supports the financial health of customers through the establishment of measurable annual objectives.

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

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    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

References:

This case study is based on published information by Grupo Financiero Banorte, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://investors.banorte.com/~/media/Files/B/Banorte-IR/Sustainability 2023/Reports/Principles for Responsible Banking 2023.pdf

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