Case study: How Bancolombia works with its clients and customers to encourage sustainable practices
Bancolombia is a financial institution with 147 years of expertise, serving as a partner to over 25 million customers across Colombia, Panama, El Salvador, and Guatemala. This includes individuals, small and medium-sized enterprises (SMEs), companies, and corporations. Bancolombia supports its clients throughout their journey, starting from the opening of their first savings account and extending to a comprehensive range of banking products and services, including leasing, renting, stock brokerage, trust services, and investment banking. Bancolombia 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 2022 PRB Reporting and Self-Assessment Template by Bancolombia, 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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- How Bancolombia proceeded with stakeholder identification and consultation, and
- How Bancolombia 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.
Bancolombia develops communication and engagement strategies with its various stakeholder groups to identify how they – Bancolombia and its stakeholders – are creating shared value through the most relevant actions carried out in economic, social, and environmental matters.
How did Bancolombia work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2022 PRB Reporting and Self-Assessment Template Bancolombia reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Bancolombia is dedicated to integrating ESG factors into its corporate strategy, and has redefined its purpose to promote sustainable economic development for the wellbeing of all.
This commitment spans all business segments, including Corporate Banking, Business and SME Banking, Personal Banking, Government and Institutional Banking, Investment Banking, Asset Management, and Private Banking. It encompasses due diligence processes, client engagement, thorough understanding of clients, and financing through innovative products that offer sustainable solutions.
Additionally, Bancolombia has established a dedicated business unit for sustainable financing that focuses on several key aspects:
- Conducting specialized technical visits to clients with Bancolombia’s commercial team.
- Identifying new environmental regulations.
- Analysing environmental and social risks.
- Providing training and courses for Bancolombia’s commercial team.
- Actively participating in fairs and academic events.
- Innovating and developing sustainable financial services.
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), ISEP Training Centre and a member of CPD.
- 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.
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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 Bancolombia, 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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