The Commercial International Bank (CIB) – Egypt is celebrating a new milestone in its journey as a pioneer in the Egyptian banking sector. The year 2020 marks the Bank’s five-year anniversary for sustainability reporting. Since becoming one of the first institutions in Egypt to introduce sustainability reporting in 2015, CIB has gradually enhanced its commitment to sustainability across its business; integrating environmental, social, and governance (ESG) dimensions into its policies, procedure, operations, and culture.
“We are at a critical point in time where sustainability now speaks to our collective wellbeing, as a country and as a planet,” said Hussein Abaza, CEO and Board Member of CIB. “As we celebrate five years of sustainability reporting, we must remember that business wellbeing and sustainable practices go hand-in-hand, which is why we are committed to setting the tone for responsible banking, and in turn, leading by example. Our ongoing progression includes the merger of our business and sustainability strategies into one framework that will help us further cement our roles as active participants in the journey of economic, social and environmental change.”
As Egypt’s leading private sector bank, CIB recognizes its responsibility to raise awareness among its clients and the Egyptian financial sector about the significance of transparent sustainability reporting. In June 2020, CIB released its fifth annual sustainability report, in compliance with the Global Reporting Initiatives’ (GRI) internationally-recognized framework. The 2019 report highlighted the Bank’s efforts in successfully expanding the model of value creation and its ongoing Digital Transformation Journey, which establishes value for the Bank’s clients, surrounding communities, and industries affected by the COVID-19 pandemic.
CIB’s sustainability reporting efforts prioritize transparent and credible reporting, and showcase the Bank’s efforts in improving its green performance, monitoring, evaluation and risk management.This year’s report emphasized CIB’s efforts to safeguard its employees, operations and funded businesses against the effects of coronavirus. The report also touches on CIB’s substantial investments in digitizing its operations and its use of data analytics, with the primary aim of decreasing branch visits and reducing the Bank’s direct and indirect carbon footprint.
In an effort to establish a new standard of responsible banking in the region, CIB became the first bank in Egypt to establish a sustainable finance division in 2020. The new division ensures the centrality of sustainability as a core business strategy and provides a solid platform to integrate ESG principles across the Bank’s functions.
“Our efforts in this sphere have not gone unnoticed,” said Mohamed Sultan, Chief Operating Officer of CIB. “We have received multiple accolades and international recognition as African Bankers ‘2020 Best Regional Bank in North Africa’, the winner of Euromoney’s Corporate Responsibility award in 2019, one of the 30 founding banks of the UNEP FI Principles for Responsible Banking, and as a constituent on the FTSE4Good Index for five consecutive years. All of these tangible achievements are a confirmation that our efforts on the sustainability front are held up to the highest global standards.”