City Bank PLC has joined the United Nations Principles for Responsible Banking (PRB), becoming a member of the United Nations Environment Programme Finance Initiative (UNEP FI), in a move aimed at aligning its operations with global sustainability standards.
The bank said in a press release on Wednesday that signing the PRB reinforces its commitment to sustainable finance and responsible banking practices while integrating environmental and social considerations into its business strategy.
The PRB, developed by UNEP FI in collaboration with banks worldwide, provides a framework for financial institutions to align their strategies, portfolios, and operations with the Sustainable Development Goals (SDGs) and the objectives of the Paris Agreement on climate change.
Established in 1992, UNEP FI connects the United Nations with banks, insurers, and investors across the globe to advance the sustainable finance agenda, with its Geneva-based secretariat working with more than 550 financial institutions.
“Joining the Principles for Responsible Banking marks an important milestone in our sustainability journey,” said City Bank Managing Director and CEO Mashrur Arefin.
“Through this, we will be able to highlight our role on a global platform in supporting Bangladesh’s sustainable development goals, strengthening climate finance and promoting inclusive economic growth,” he said.
He added that the initiative would also create opportunities for the bank to learn from emerging sustainability practices and the experiences of financial institutions worldwide.
As a PRB signatory, City Bank will integrate responsible banking principles into its strategy, risk management, and decision-making processes while assessing and disclosing the environmental and social impacts of its activities and setting measurable targets in priority impact areas.
