NBB wins ‘Best Bank for ESG in Bahrain’

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

The National Bank of Bahrain (NBB) has been awarded the Best Bank for ESG in Bahrain award at the Euromoney Awards for Excellence 2023, for the second consecutive year.

This prestigious award recognizes NBB's significant achievements in Environmental, Social, and Governance (ESG) practices.

Since the introduction of its 3-year sustainability roadmap in 2020, NBB has continuously integrated ESG considerations across its business conduct and operations.

The bank has also enhanced its disclosure practices through aligning with a number of International ESG reporting frameworks.

Some noteworthy ESG initiatives within NBB operations include the launch of NBB's ESG Academy in 2022 in partnership with the Supreme Council for Environment (SCE), establishing a national benchmark for internship programs through ‘Evolve’ and ‘Thrive’, the improvement of performance indicators around environmental issues, such as the continued reduction in energy consumption, water consumption, and greenhouse gas emissions, and the maintained level of waste management.

NBB's business conduct has also been acknowledged for its ESG initiatives.

These include the development of innovative financing structures provided to the retail sector, where products with environmentally or socially positive impacts are offered at preferential rates.

The other key initiatives were the revamp of NBB's Tamweel Alwatani financing scheme to widen the scope of eligibility to benefit from the scheme and the offering of a more customized approach to corporate and institutional banking clients, that aligns with the level of sophistication required.

In 2022, NBB was appointed as a Sustainability Coordinator on a US$ 1.3 billion syndicated loan transaction for one of the key strategic assets of the Kingdom of Bahrain.

Responding to the news of the award, Boris Dechev, Senior Research Analyst at Euromoney, stated, “NBB led the way in sustainability with a 13% reduction in energy, emissions and water usage, while enabling customers to make eco-conscious choices with innovative products.”

Usman Ahmed, Group Chief Executive Officer at NBB, said, "We are honoured to have been recognised for a second year at the 2023 Euromoney Awards for Excellence, for our accomplishments in the Sustainability space."