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

• • • 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.

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:

https://api.mziq.com/mzfilemanager/v2/d/42787847-4cf6-4461-94a5-40ed237dca33/c742d04c-7282-bcab-b831-88e521fe5bd0?origin=2

Note to Itaú Unibanco: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

Banco Popular has formed strategic partnerships with prominent organizations including Aval Digital Labs, the Inter-American Development Bank (IDB), the German Cooperation Agency (Sparkassenstiftung), and numerous entities within the social and environmental sectors. These collaborations have enhanced the bank’s institutional capacity to carry out initiatives that generate positive and sustainable impacts.

Banco Popular’s approach to stakeholder identification, consultation, and engagement is an ongoing, transparent, and strategic process aimed at ensuring that the bank’s actions are aligned with the actual needs of its operating environment. This methodology reflects Banco Popular’s dedication to responsible banking and sustainable development.

How did Banco Popular identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2024 PRB Reporting and Self-Assessment Template Banco Popular reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

Social Impact Strategy: Inclusion and Financial Well-being for Older Adults

Banco Popular has developed a strong set of strategic social initiatives focused on increasing positive impacts and reducing both financial and social exclusion in Colombia, with a particular emphasis on older adults. This social focus acts as a vital driver for sustainable growth and the creation of shared value.

Given that 49% of Retail Banking clients are aged 60 and above, and considering projections that by 2050 this demographic could make up nearly half of Colombia’s population, the bank has designed products and services tailored to meet the specific needs of this group. These efforts extend beyond conventional offerings through:

1. Inclusive financial products crafted to address the unique characteristics and requirements of older adults.
2. Accessible and empathetic service models adapted to facilitate meaningful interactions and improve customer experience.

In this way, Banco Popular serves as a catalyst for reducing social disparities and promoting equitable access to financial services, particularly for traditionally excluded or underserved segments such as older adults. Simultaneously, it promotes financial awareness and education through campaigns and workshops aimed at increasing understanding of products and fostering responsible financial habits, thereby empowering users and enhancing their economic well-being.

Contribution to the Sustainable Development Goals (SDGs)

This strategy directly supports the following SDGs:

• SDG 1 – No Poverty: By expanding access to financial services for vulnerable populations.
• SDG 4 – Quality Education: Through financial literacy programs tailored for older adults.
• SDG 10 – Reduced Inequalities: By addressing systemic barriers to financial inclusion.

Through this approach, Banco Popular positions itself as a key contributor to inclusive and sustainable social development, aligning with global priorities and the Principles for Responsible Banking.

 

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

• • • 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.

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 Popular, 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://www.bancopopular.com.co/wps/wcm/connect/bancopopular/6e116d81-01af-45b9-b28e-dea701e16432/Banco-Popular-S.A.-PRB-Responsible-Banking-2024.pdf?MOD=AJPERES&CVID=pCwOWDz

Note to Banco Popular: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

In previous years, BanBajío conducted both internal and external analyses to identify and prioritize its stakeholders. Notably, in 2021, the bank performed a double materiality assessment by consulting external stakeholder groups to pinpoint key issues that could pose risks or opportunities for the bank, considering both environmental and social impacts as well as the financial implications for the institution.

As of 2024, the stakeholder prioritization and double materiality analysis have not yet been updated to incorporate the application of the Principles for Responsible Banking (PRBs) or to focus on reducing negative impacts while enhancing positive ones. Nevertheless, updates to these analyses are planned for future reports.

Drawing from these analyses, the bank’s stakeholders—including individuals and entities with direct or indirect influence on, or those impacted by, the bank’s activities—are as follows:

• Employees
• Shareholders and investors
• Rating agencies
• Suppliers
• Authorities
• Regulatory bodies
• Competitors
• The financial sector
• Media
• Academia
• Allies and civil society organizations
• The broader community

BanBajío maintains various communication channels with these stakeholders, such as the website, integrated reports, social media platforms, internal communication tools (newsletters, emails, meeting minutes), face-to-face interactions (meetings, forums, breakfasts), video calls, confidential channels (01800 numbers and email), telephone, and traditional media, among others, tailored to each stakeholder group.

Additionally, BanBajío has a Code of Conduct that sets out the values and principles guiding relationships among employees and with external agents, including customers and consumers.

How did BanBajío identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2024 PRB Responsible Banking Progress Statement BanBajío reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

During the 2022 financial year, key areas of both positive and negative impact identified by BanBajío for Corporate Banking and Consumer Banking included Resource Efficiency/Security, Climate, and Inclusive and Healthy Economies. Accordingly, in 2024, BanBajío made progress on several opportunity-driven initiatives aimed at enhancing positive impacts and mitigating negative ones in these areas. These initiatives included:

• For the SME segment, four loans were guaranteed in 2024, supporting working capital, fixed assets, and hotel capacity expansion projects, including sustainable development and energy-saving initiatives. The total value of these loans was DOP 17.4 million, with support from BANCOMEXT.
• Additionally, with BANCOMEXT backing, 69 loans totalling DOP 305.9 million were guaranteed for companies primarily managed by women, with funds allocated for working capital or fixed assets. Furthermore, a loan of DOP 1.5 million was guaranteed for similar purposes and borrower profiles, with support from NAFIN.

BanBajío also conducted an initial assessment to identify economic activities within the agro-industrial sector that meet Mexico’s Sustainable Taxonomy criteria. This analysis was based on the SCIAN classification of economic activities used by the bank, which is less detailed than the Taxonomy. The bank intends to refine this analysis and include additional sectors in future reports.

Moreover, considering the potential impacts of its portfolio, BanBajío has committed to various actions aligned with SDGs 1, 2, 4, 8, 10, 11, 12, 13, 15, and 16. Details of these commitments can be found in the Integrated Report and the PRB Self-Assessment Report for 2023.

 

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

• • • 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.

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 BanBajío, 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://www.bb.com.mx/cs/BanBajio/home/Inversionistas/Sustentabilidad/PRB_Responsible-Banking-Progress-Statement-2024.pdf

Note to BanBajío: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

Bci acknowledges the vital role that various stakeholder groups play in fulfilling its corporate mission. In the reporting year, Bci refreshed its material sustainability topics, a process last carried out in 2018. For the first time, this exercise adhered to the double materiality framework promoted by the European Commission, utilizing the latest implementation guide published by EFRAG. The process engaged a diverse range of internal and external stakeholders through secondary documents, workshops, and interviews. Consequently, the topics prioritized in this report were identified as the most material from both internal and external perspectives.

To better understand and integrate the perspectives and expectations of all stakeholders, Bci maintains an annual active listening process. This approach enhances its capacity to create a triple impact—economic, social, and environmental. The Corporate Affairs and Sustainability Division is responsible for assessing, developing, managing, coordinating, and maintaining stakeholder and community relationships. Customer relationships are overseen by the Customer Experience Division, while employee relations are managed by the Human Relations Division.

Furthermore, Bci Asset Management (BAM) has adopted an Active Ownership or Stewardship approach, which involves engagement and voting activities outlined in its Sustainable Investment Policy. BAM fosters constructive dialogue with companies, aiming to set ambitious, long-term ESG goals that benefit its clients.

Bci also actively participates in workshops and working groups focused on financial health and climate stability, including those organized by UNEP-FI, NZBA, the Chilean Bank Association (ABIF), and Green Finance Public-Private Roundtables.

How did Bci identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2024 PRB Reporting and Self-Assessment Template Bci reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

Financial Health and Inclusion
Bci demonstrates its dedication to improving financial health and fostering inclusion through the following innovative products and services:

• MACH
  • User Base: As Chile’s first fully online account, MACH served 1,875,356 users in 2023.
  • Tu MACH: Designed for children aged 14 to 17, this service has activated over 40,000 accounts since its launch.
  • MACH Future: This initiative has enabled the saving of CLP 18 billion since inception, helping users boost their savings with simple, cost-free procedures.
• Digital Checking Accounts
  • Individual Accounts: Over 180,000 digital accounts were opened for individuals in 2023.
  • SME Accounts: More than 13,000 digital accounts were opened for small and medium-sized enterprises in the same year.
• Support for Entrepreneurs
  • Bci’s open program, providing innovative tools and expert guidance, benefited 282,000 users in 2023.
• Centro Bci Nace: A collaborative workspace for entrepreneurs, utilized by over 5,500 people in 2023.
• My Finances Program (“Mis Finanzas”)
  • Financial Monitoring: This program offers a dashboard to track monthly finances, assess debt levels, and diagnose personal financial health.
  • User Engagement: In 2023, 233,747 clients used this service.
• Piggybank
  • Savings Encouragement: Automatically transfers funds from the main account to a secondary savings account to promote saving habits.
  • Savings Growth: In 2023, the average savings balance among customers was CLP 338,691.

Climate Stability
Bci is proactively advancing its decarbonization strategy, targeting net-zero emissions by 2050. Key initiatives and products include:

• Green Bonds: In 2023, Bci issued USD 207 million in Green Bonds to finance environmentally sustainable projects.
• Financing Sustainable Projects: Bci allocated CLP 887,753 million to sustainable projects, supporting initiatives with environmental and social benefits.
• Sustainability-Linked Loans: The bank offers various green financing options, including green loans, green mortgage loans, green leasing, and other sustainable financing products.
• Net Zero Banking Alliance: Bci’s membership in this alliance underscores its committed and structured approach to achieving decarbonization goals.

 

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

• • • 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.

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 Bci, 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://cdn3.bci.cl/uploads/8f824e8b-90a6-4ea0-a1cc-c8e99669fea6/original/Bci-Reporting-and-self-assessment-2024.pdf

Note to Bci: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

Monex seeks to generate value for all its stakeholders, emphasizing the importance of maintaining strong relationships and encouraging active participation in the bank’s activities and decision-making processes. To support this commitment, Monex conducted an internal analysis to identify and prioritize stakeholders. In doing so, the bank considered all individuals and entities potentially affected by its operations or capable of influencing its business. Additionally, a linkage plan was established to determine the appropriate communication channels and frequency of engagement, ensuring ongoing, meaningful dialogue with each stakeholder group. The value proposition, commitments, and main communication methods for each stakeholder group are defined for the following stakeholders:

• Employees
• Customers
• Shareholders, investors, and other capital providers
• Authorities and regulatory agencies
• Suppliers
• Competitors and trade associations
• Community

Regarding the implementation of the PRB and the assessment and enhancement of the bank’s impacts, Monex has maintained continuous stakeholder engagement. In 2023, a third-party consultant facilitated an exercise to align the material topics identified for the ESG Strategy, ensuring that each PRB is comprehensively addressed through relevant initiatives.

Stakeholder consultation has been crucial in completing the materiality analysis and shaping the development of the ESG strategy.

For the materiality analysis, an initial list of priority topics was identified based on sources such as the ABM Sustainability Protocol, GRI’s materiality guidelines, the Principles for Responsible Banking and Investment from UNEP-FI for sector-specific issues, as well as FAQs from investors and analysts.

Following the framework outlined by the Global Reporting Initiative (GRI) standards, a comprehensive review was conducted through surveys and interviews with stakeholders including employees, suppliers, major shareholders, trade organizations, and financial sector-related entities. This process helped prioritize the identified topics. Additionally, client feedback was collected from those responsible for client service at Monex, while internal strategic insights were gathered through interviews with the Group’s senior management. Integrating these perspectives enabled Monex to determine their material topics (impact materiality).

For financial materiality, topics recommended by the Sustainability Accounting Standards Board (SASB) for the relevant industries were considered, with support from FTSE and S&P guidelines.

Similarly, to identify impact areas using UNEP-FI tools, various departments within the bank were consulted to gather the necessary information.

How did Monex identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2025 PRB Responsible Banking Progress Statement Monex reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

Monex is dedicated to fostering responsible and sustainable financial development and inclusion, incorporating ESG considerations into its operations. The bank actively participates in advancing the green and sustainable finance market in Mexico through initiatives embedded within its sustainable business model.

ESG Bonds Market
In 2024, Monex strengthened its role in the development of green and sustainable finance within its country, driven by several initiatives that differentiate its business model from competitors. In 2024, its Group received three mandates from the SHCP to join the BONDESG Distribution Syndicate. Monex’s participation in sovereign bond issuances in pesos positions it as a benchmark in banking, with the capacity to place $68.0 billion pesos, maintaining second place in total distributed amount with a cumulative sum of $151.0 billion pesos, alongside other leading banks. Another key ESG initiative involves integrating sovereign bonds into fixed-income portfolios, which by the end of 2024 amounted to holdings of $26.016 billion pesos—representing 22% of the total portfolio value of $118.46 billion pesos.

Monex reaffirms its commitment to developing the thematic bonds market in Mexico. Currently, Monex is one of the few institutions actively participating in the secondary market based on pricing, particularly for BONDESG government securities. Daily, the five participating brokers are provided with liquidity and buy-sell prices—reference levels that support the valuation of these instruments. During this period, the Market Making volume for BONDESG reached $107.718 billion pesos, accounting for just over 72% of the outstanding amount for BONDESG during this period.

Additionally, during this period, Monex was appointed by BANOBRAS (National Bank of Public Projects and Services) to participate for the first time in the placement of CEBURES (Long-Term Stock Certificates). Acting as the transaction leader, Monex led the placement of the first sovereign bond issued with a gender perspective by BANOBRAS, in collaboration with other banks, successfully placing $23.3 billion pesos.

Products and Services with ESG Criteria
Monex has launched an investment fund initiative aimed at helping clients allocate capital in line with ESG performance standards, reflecting its commitment to business risks and values. Specifically, Monex seeks to increase financing focused on resource efficiency, aligning with the second target of Principle 2.

SMEs Products and Solutions
Monex is also preparing to introduce a digital credit approval process for SMEs to support growth in this segment. This initiative will incorporate social and environmental practices and investment criteria. As part of its ESG Model within the Sustainable Finance axis, Monex affirms its belief in the potential of finance to contribute to the Sustainable Development Goals (SDGs). Monex has established the following commitments and guidelines to promote and develop sustainable products and similar initiatives:

• Aligning with leading international standards on the evolution of environmental and social credit risks to prevent potential impacts and foster responsible practices among clients.
• Advancing the development of financial products with positive social and/or environmental impacts, designed with that approach in mind, always aligned with Monex’s business segments and opportunities.
• Actively participating in the development of sustainable finance in Mexico by engaging in major organizations, alliances, and initiatives.
• Channelling resources provided by the government—such as loans and financial support like guarantees—that generate positive social and/or environmental impacts (this initiative is currently in development).

To further enhance its involvement in the development of the sustainable finance market, Monex has participated through the Green Finance Advisory Council in initiatives such as the prosperity program for the growth of Mexico’s green and sustainable market, supported by the United Kingdom embassy in Mexico, the UN Financial Centers for Sustainability, and the Green Finance Taskforce of the United Kingdom.

Additionally, Monex has financed various local infrastructure projects related to clean energy and has supported the SME sector with initiatives that generate a positive ESG impact.

Financial Education
Monex recognizes that financial education is a vital responsibility and a key factor in helping individuals achieve greater economic stability and well-being. In 2024, Monex supported the National Financial Education Week, organized by CONDUSEF, with the theme “The Road to Financial Well-Being.” This initiative aimed to raise awareness among Mexicans about the importance of managing their finances, strengthening their financial health, and effectively leveraging available resources. Activities included both remote and in-person conferences designed to improve understanding of personal finances and various investment portfolios. 

Climate Change
Regarding climate risks, Monex has developed plans to assess climate-related risks and opportunities within its portfolio, following TCFD recommendations. This process aims to support more informed decision-making related to resource allocation. Additionally, Monex has measured its corporate carbon footprint and is committed to identifying further opportunities to reduce the company’s environmental impact.

 

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

• • • 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.

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 Monex, 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://www.monex.com.mx/portal/download/files/Monex 2025 PRB_Responsible-Banking-Progress-Report.pdf

Note to Monex: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

Global Bank actively engages stakeholders through various channels, recognizing that their participation is essential to the activities of the Financial Group. The specialization of Global Bank’s teams facilitates direct and efficient relationships, grounded in transparency and the creation of value for all parties.

When assessing the impact of its products, Global Bank consults with different business areas to identify the relevant customer profiles and the potential impacts.

Furthermore, to better understand its impacts on various stakeholders, Global Bank has updated its materiality analysis within the framework of dual materiality. This process has helped identify critical issues across its diverse roles—not only as a provider of financial products and services but also as an employer and customer, among others.

Throughout this process, Global Bank engaged with employees, customers, authorities, and shareholders—either directly or through employees who maintain relationships with these groups. The bank’s active participation in initiatives, events, and sector-related organizations related to sustainability has enabled it to collaborate on shared goals and action plans. Some of these are detailed in the Annex on Alliances and Memberships of Global Bank’s 2023-2024 Sustainability Report, including:

• Participation in the UNEP FI/UN Women Global Task Force on Gender Equality, with meetings since April 2024, contributing to the review of guidelines, tools, and regional analyses.
• Panel participation at the UNEP FI Roundtable for Latin America and the Caribbean in Colombia on January 30-31, 2024, where the topic “Incorporation of social issues in the practices of financial institutions” was addressed. Global Bank also served as a reviewer of UNEP FI’s Climate Adaptation Target Setting document.
• Acting as an expert reviewer for Panama’s draft Taxonomy of Sustainable Finance.
• Engagement in the Financial Industry Review Group, contributing to technical discussions on the Panama Sustainable Finance Taxonomy.

Presentation as speakers at a webinar on Climate Risks, addressing the regulatory and practical scenario in Panama, organized by Valora.

How did Global Bank identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2023-2024 Sustainability Report Global Bank reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

Global Bank has developed a comprehensive strategy to expand its range of financial products with an environmental and social focus, recognizing their potential as business opportunities and essential tools for promoting sustainability and financial inclusion.

In the environmental area, Global Bank offers green financial products designed to support the transition toward a more sustainable economy. This includes financing for distributed solar energy, electric vehicle acquisition, and sustainable agricultural practices, the latter supported by the eco.business Fund, which has provided loans with specialized technical advice since 2017. Additionally, Global Bank is actively developing new green financing solutions to increase access to capital for projects with positive environmental impacts.

Regarding financial inclusion, Global Bank promotes the Única Program, a holistic strategy combining financial and non-financial products aimed at empowering women and fostering their professional and personal development. This program features the Única Credit Card, offering exclusive benefits in insurance and assistance, as well as preferential conditions on mortgages, car loans, and personal loans for women. Global Bank also offers Única Experiences, a space for training and networking designed to enhance women’s financial and business skills.

Furthermore, Global Bank continues to expand its financing options in strategic sectors, including loans for renewable energy projects and mortgages for women and women-led SMEs. It also offers credit products with differentiated conditions, such as loans for retirees, preferential mortgages, and financing for the agricultural sector with access to subsidized rates when certain requirements are met.

The progress of these products and their impact on the bank’s loan portfolio are detailed in Principle 2 and in the Responsible Banking chapter of Global Bank’s 2023-2024 Sustainability Report, reaffirming Global Bank’s commitment to financial inclusion and sustainable development.

 

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

• • • 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.

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 Global 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:

https://www.globalbank.com.pa/sites/default/files/media/sostenibilidad/reportes-informes/sustainability-report-2023-2024.pdf

Note to Global Bank: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

St. Georges Bank is dedicated to ensuring sustainable business management by upholding corporate governance grounded in transparent and ethical practices, which enable St. Georges Bank to build and strengthen trusting relationships with all its stakeholders.

St. Georges Bank’s collaboration is carried out in partnership with the following stakeholders:

• Board of Directors
• Shareholders
• Clients
• Employees
• Community
• Suppliers
• Regulatory entities
• Local governments
• Strategic allies
• Media

The process of identifying and prioritizing stakeholders as a Bank involves recognizing and categorizing the different individuals or groups that have an interest in or are affected by the institution’s operations and performance. St. Georges Bank is fully aware that understanding and addressing their needs and concerns is essential for ensuring long-term sustainability.

How did St. Georges Bank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 PRB Reporting and Self-Assessment Template St. Georges Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

St. Georges Bank revises several policies annually to improve and align with sustainability standards, including:
• Human Resources Manual
• Code of Ethics and Conduct
• Human Rights Policy
• Sustainability Policy
• Corporate Governance Policy
• Environmental and Social Risk Management Policy

As signatories of the Women’s Empowerment Principles and the Iniciativa de Paridad de Género Panamá, St. Georges Bank has developed an Equity, Diversity, and Inclusion Policy, which was published in May 2024.

The bank has implemented ARAS 3.0 to evaluate credits with a specific focus on climate risks, providing clients with additional information on how to adapt their businesses to future climate change impacts. The exclusion list is continuously updated to restrict sectors associated with high-intensity activities.

St. Georges Bank is currently working on its Double Materiality Process Analysis:

• Financial
  For SASB, materiality reflects ESG (environmental, social, and governance) factors that could reasonably influence the financial condition, operating performance, and cash flows of companies. This materiality addresses investor concerns.
• Impact
  For GRI, materiality highlights the most significant impacts the company has on the external world—specifically in the economy, the environment, and society. These impacts can have positive or negative consequences for the company’s operations, reputation, and financial health.
• Double Materiality Process
  The materiality analysis involves multiple stages, initially identifying impact materiality and then integrating financial materiality. This process is based on a methodological framework aligned with the Global Reporting Initiative (GRI), which connects impacts with material themes and principles established by the Sustainability Accounting Standards Board (SASB). It links risks and opportunities with material themes, ensuring the process responds to a broad group of stakeholders.

Furthermore, in Q4 2024, St. Georges Bank will initiate the migration of its sustainability reporting to GRI/SASB standards. This transition aims to establish a robust and comprehensive reporting framework that will meet stakeholder needs and prepare the bank for the sustainability standards S1 and S2.

 

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

• • • 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.

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 St. Georges 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:

https://www.stgeorgesbank.com/quienes-somos/reporte-banca-responsable-unep-fi/principios-de-banca-responsable-unep-fi-2023/ – book/

Note to St. Georges Bank: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

Banesco has identified the stakeholders responsible for implementing the Principles for Responsible Banking, with each contributing their expertise toward a shared commitment to these principles.

Currently, Banesco has been communicating to individuals responsible for other areas what their roles should be in setting objectives and action plans, as well as in monitoring their implementation. These areas have distinct characteristics, and Banesco recognises that they require specialists in data management, client relations, product development, legal matters, and senior management, among others. Key areas involved include business, risk management, data analytics, legal, sustainability, human resources, product design, and the CEO, among others.

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

In its 2022 PRB Reporting and Self-Assessment Template Banesco reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Banesco has established a Corporate Sustainability Policy that outlines the environmental and social goals and principles aimed at achieving sustained performance with a positive impact on the organization’s operations. Banesco is also dedicated to upholding human rights and ensuring the effective implementation of its Environmental and Social Management System (ESMS), adhering to the Exclusion List, aligning with international standards – including the eight performance standards on environmental and social sustainability set by the IFC. Once Banesco finalizes its objectives and action plans, it will integrate the relevant elements necessary for ensuring compliance into this policy.

 

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

• • • 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.

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 Banesco, 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://media.banesco.com.pa/docs/informes/sostenibilidad/Principles-for-Responsible-Banking-BANESCO-2022-ENGLISH.pdf

Note to Banesco: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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

• • • 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.

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:

https://www.grupobancolombia.com/wcm/connect/www.grupobancolombia.com15880/3620ef2d-9e49-40cc-9049-da83a9f38a8f/Bancolombia%2BPRB-Reporting-and-Self-Assessment-Template.pdf?MOD=AJPERES&CVID=oyiRKj.

Note to Bancolombia: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

Identified Interest Groups

In 2023, Banco Promerica conducted its first analysis to identify and prioritize interest groups, with the assistance of the eco.business Fund and the consulting firm Valora.

This process comprised three stages:

1. Compilation of Groups and Subgroups of Interest
2. Prioritization
3. Development of a Stakeholder Matrix

Interest groups with dual materiality refer to those stakeholders concerned with both the financial aspects and the social and environmental impact of an organization. Addressing the needs and interests of these groups is crucial for long-term sustainability.

The identification and prioritization of stakeholders as a bank involves recognizing and categorizing the various parties that have a vested interest or influence over the operations and performance of the financial institution.

The analysis revealed six primary interest groups:

• Board of Directors
• Shareholders and Investors
• Other Capital Providers
• Collaborators and Officials
• Competing Suppliers
• Customers

Additionally, four important subgroups were identified that also significantly impact the bank’s operations:

• Government, Authorities, and Regulatory Bodies
• Associations and Chambers
• Community
• Media

By identifying and prioritizing its interest groups, Banco Promerica Guatemala can analyze and understand how they interact with one another and with Banco Promerica Guatemala in the community where it operates.

This enables Banco Promerica Guatemala to recognize and address the needs, concerns, and expectations of stakeholders that are relevant to the organization.

Interest Groups

• Shareholders, Investors, and Other Capital Providers
• Employees
• Suppliers (Local and Regional)
• Competitors
• Customers
• Government, Authorities, and Regulators
• Associations/ Chambers
• Community
• Media
• Management Board

How did Banco Promerica Guatemala 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 Promerica Guatemala reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Banco Promerica Guatemala is currently engaged in its Double Materiality Analysis with the assistance of the eco.business Fund and the consulting firm Valora.

Financial Materiality

According to the Sustainability Accounting Standards Board (SASB), financial materiality encompasses ESG (Environmental, Social, and Governance) factors that could significantly impact a company’s financial condition, operational performance, and cash flows. This type of materiality addresses the concerns of investors.

Impact Materiality

The Global Reporting Initiative (GRI) defines materiality in terms of the most significant impacts that a company has on external factors such as the economy, the environment, and society. These impacts can result in either positive or negative consequences for the company, affecting its operations, reputation, and financial standing. This form of materiality caters to a broad array of interest groups.

Double Materiality Process

The materiality analysis is a staged process that first identifies impact materiality before integrating financial materiality. Banco Promerica Guatemala is conducting this analysis based on a methodological framework established by the Global Reporting Initiative (GRI), which links impacts to material topics and principles outlined by the Sustainability Accounting Standards Board (SASB), thereby connecting risks and opportunities with relevant material topics.

Consolidation of topics potentials

Characterization: definition of impacts, risks and opportunities

Assessment Internal

Consultation with interest groups

Defining heatmaps

Matrix Materiality

 

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

• • • 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.

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 Promerica Guatemala, 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://www.bancopromerica.com.gt/media/772776/reporte-2023-ingles.pdf

Note to Banco Promerica Guatemala: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.