Case study: How VP Bank works with its clients and customers to encourage sustainable practices
VP Bank Group provides services across major financial hubs, including its home base in Liechtenstein, along with five international locations in Switzerland, Luxembourg, Singapore, Hong Kong, and the British Virgin Islands. Known for its solid and transparent business model, VP Bank focuses on private banking and intermediary business in its international markets, while serving as a universal bank within Liechtenstein. VP Bank 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 2024 PRB Reporting and Self-Assessment Template by VP Bank, 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 VP Bank proceeded with stakeholder identification and consultation, and
- How VP Bank 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.
A key aspect of implementing and monitoring VP Bank’s Sustainability Plan 2026 involves engaging with stakeholders. VP Bank regularly engages with both internal and external stakeholders. This engagement enables VP Bank to detect trends early, incorporate the insights gained into its operations, and promote a culture of responsible banking across the Group through training and awareness initiatives.
In 2023, VP Bank conducted an in-depth dialogue with its stakeholders. As part of a double materiality analysis in line with CSRD/ESRS, VP Bank consulted numerous clients, employees, suppliers, and other stakeholders to identify which sustainability issues they deem material for VP Bank. VP Bank sincerely appreciates their valuable input, as these insights are essential for shaping its strategy and enhancing its sustainability approach. The results will be reflected in the upcoming Sustainability Statement, which will be included in the 2025 Annual Report.
How did VP Bank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its 2024 PRB Reporting and Self-Assessment Template VP Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
Client engagement is a top priority for VP Bank. The bank’s investment philosophy emphasizes transparency regarding the sustainability performance of clients’ portfolios, enabling them to make informed decisions.
In 2023, VP Bank organized both internal and external events focused on ESG and sustainability, female finance, and financial education for children.
Additionally, VP Bank views financial empowerment as essential for a prosperous life. This vision inspired the “Fearless, Fabulous & Flourishing” event series, bringing together women from diverse backgrounds with a shared goal: to prepare for a successful financial future.
Furthermore, financial education is a vital investment in children’s futures. Teaching kids how to manage money from an early age is crucial for helping them handle expenses, save money and take advantage of the capital markets both as children and adults. Unfortunately, children often learn about money too late, as the subject is rarely addressed in schools. By focusing on this area, VP Bank actively contributes to enhancing financial literacy and establishes itself as a trusted partner in monetary matters from a young age.
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.
- 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 VP Bank, 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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