Case study: How Banco Bolivariano works with its clients and customers to encourage sustainable practices
Banco Bolivariano functions in Ecuador as a private, multi-faceted banking institution, delivering financial services that facilitate the growth of its clients. The bank is well-known for providing tailored financial solutions for businesses, small and medium-sized enterprises (SMEs), and individuals. Banco Bolivariano is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, working with its clients and customers to encourage sustainable practices and enable sustainable economic activities. Tweet This!
This case study is based on the 2023 PRB Reporting and Self-Assessment Template by Banco Bolivariano, prepared in relation to its implementation of the PRB, that can be found at this link. Through all case studies we aim to demonstrate what ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Which Principles for Responsible Banking have been addressed?
The Principles for Responsible Banking addressed in this case are:
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- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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With this case study you will see:
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- How Banco Bolivariano proceeded with stakeholder identification and consultation, and
- How Banco Bolivariano worked with its clients and customers to encourage sustainable practices and enable sustainable economic activities
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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.
As part of its operations, the bank maintains regular communication with various stakeholder groups through multiple channels, aligned with the responsibilities of its different departments.
Moreover, to pinpoint the impact areas of its portfolio, Banco Bolivariano collaborated closely with its business teams to gather data on the distribution of productive credit across economic sectors and loans allocated to individuals based on their socioeconomic status.
During the materiality assessment process, which evaluated all of the bank’s roles—as a provider of financial products and services, an employer, and a client—the bank engaged in consultations with key stakeholder groups. These included employees, shareholders, suppliers, direct business clients, the broader client base (through those responsible for the different businesses), and regulatory authorities (through designated bank personnel managing those relationships).
The exercise of the impact maps and the materiality map laid the groundwork for the development of the Sustainability Strategy for 2023-2025.
How did Banco Bolivariano work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2023 PRB Reporting and Self-Assessment Template Banco Bolivariano reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
To encourage optimal environmental and social practices among its clients, as well as to offer specialized products (such as green credit and blue bonds), Banco Bolivariano implements an Environmental and Social Risk Management System (ESMS).
The ESMS is governed by the Bank’s Environmental & Social Risk Policy. Additionally, there are products that have a green purpose (credits), blue bonds and financial inclusion products.
In 2023, efforts were also made to further develop Banco Bolivariano’s Sustainability Policy, focusing on ESG factors and market considerations.
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 is a GRI Certified Training Partner (Global), IEMA Training Centre and a member of CPD.
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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 Banco Bolivariano, 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:
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