Case study: How Itaú Unibanco identifies and works on strategic business opportunities to increase positive and reduce negative impacts
Itaú Unibanco is the largest private bank in Brazil by market value and holds the title of the most valuable brand in Latin America, with an estimated worth of US$8.7 billion according to Brand Finance’s 2023 Global 500 Ranking. Offering a comprehensive range of industry products in Brazil through its various brands and strategic partnerships, Itaú Unibanco provides a wide array of services across multiple channels, establishing itself as a full-service, universal bank. The bank also features discounts, promotions, and exclusive benefits, delivering solutions for everyday activities and creating a beyond banking ecosystem. Its offerings are designed to meet the needs of all types of individuals and corporate clients, both domestically in Brazil and internationally. Itaú Unibanco is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, identifying and working on strategic business opportunities to increase positive and reduce negative impacts. Tweet This!
This case study is based on the 2024 ESG Supplementary Index by Itaú Unibanco 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:
- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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- How Itaú Unibanco proceeded with stakeholder identification and consultation, and
- How Itaú Unibanco identified and worked on strategic business opportunities to increase positive and reduce negative impacts
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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.
Itaú Unibanco continuously takes into account the opinions and expectations of its stakeholders, gathered through public meetings, relationship channels, targeted surveys, investor expressions of interest, feedback from ESG rating agencies, results from corporate sustainability indexes, and public opinion.
Between 2023 and 2024, Itaú Unibanco reassessed its ESG materiality. The goal was to evaluate the progress of relevant topics, both within and outside the organization, as well as the current challenges and impacts of its business. This review aims to ensure alignment with Itaú Unibanco’s global strategy and to reflect the perspectives of the diverse audiences with whom Itaú Unibanco engages.
The process of identifying, analyzing, and prioritizing material issues involved input from Itaú Unibanco’s employees, internal leaders, clients, shareholders, investors, market analysts, supply chain partners, sustainability experts (such as ESG rating agencies and corporate sustainability indexes), civil society representatives, and specialized consultancies.
How did Itaú Unibanco identify and work on strategic business opportunities to increase positive and reduce negative impacts?
In its 2024 ESG Supplementary Index Itaú Unibanco reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:
The Sustainable Finance pillar, one of the three key pillars guiding Itaú Unibanco’s actions and transforming its approach, aims to leverage financial tools to promote sustainable development. It involves integrating ESG themes into Itaú Unibanco’s business practices through research, advocacy and the creation of new products, services, and opportunities. By financing its clients’ projects, Itaú Unibanco allocates resources to foster societal transformation.
Itaú Unibanco has implemented various measures to ensure that natural variables are incorporated into its internal processes, as well as its relationships with clients, suppliers, and society at large. These include managing natural risks in sectors and operations with a higher potential to impact biodiversity, offering financial products dedicated to conservation and restoration, and supporting projects that directly or indirectly work to protect biodiversity.
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 Itaú Unibanco, 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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