Co-operative Bank has this morning been named Overall Winner of the Kenya Bankers Association (KBA) 2019 Sustainable Finance Catalyst Award. The Awards were created to recognize institutions that practice sustainable finance which has a direct positive impact on the financial sector, the economy, the environment and the society at large. Sustainable Finance Principles require financial institutions to balance their quest for financial returns with the economy’s future priorities and social-environmental concerns.
Equity Bank emerged second overall and KWFT third.
This is the second time in as many years that Co-op Bank has emerged victorious in the sustainable finance awards, having won again in 2017. The latest award adds to other recent recognition Coop Bank has received for the strong credentials in Green Finance and related sustainability practices. The bank was named as Best Bank in Sustainable Finance in Kenya at the 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers and only a week ago was named Overall Winner in Environmental Sustainability Report at the 2019 East African Financial Reporting (FiRe) Awards held in Nairobi.
Businesses were appraised on whether they have covered the essential indicators which included the impact to the Gross Domestic Product (GDP), the growth of the business, job creation and support of minority groups including women and the youth.
Co-op Bank Citation
Co-op Bank emerged winner as a result of building a sustainability strategy that enables people, businesses and society to grow in a way that is sustainable in the long-term. The awards showcase firms that demonstrate a progressive stance in integrating sustainability practices in their respective institutions.
Commenting on the recognition, the Group Managing Director & CEO Co-operative Bank, Dr. Gideon Muriuki;
“Sustainability is fully integrated in our business model that stands on the three pillars of Economic sustainability, Social sustainability and Environmental stewardship.”
“As a bank that is predominantly-owned by the 15 million-member Co-operative Movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today, but also helped us build an awareness and prudence to avoid putting future generations in jeopardy.”