Saudi Awwal Bank (SAB) Wins Third Consecutive “Best Bank for ESG” Award
In a remarkable feat, Saudi Awwal Bank (SAB) has once again clinched the title of “Best Bank for ESG” in Saudi Arabia, as awarded by Euromoney for the third year in a row. This prestigious accolade solidifies SAB’s position as a trailblazer in promoting sustainable finance and advancing ESG principles within the Kingdom’s banking landscape.
Commitment to Sustainability
The recognition underscores SAB’s unwavering dedication to integrating environmental, social, and governance (ESG) values into its core operations, reporting practices, and stakeholder interactions. The bank’s sustainability strategy is geared towards creating enduring value while aligning with Saudi Arabia’s Vision 2030 objectives and the global sustainable development agenda.
CEO’s Perspective
Tony Cripps, the Managing Director & CEO of SAB, expressed his delight, stating, “Receiving this award for the third consecutive year is a powerful validation of our journey towards responsible banking. At SAB, sustainability is not just a mere initiative—it is ingrained in how we serve our clients, support our communities, and shape the future.”
Green Finance Initiatives
Over the past year, SAB has ramped up its ESG reporting mechanisms, expanded green financing endeavors, bolstered community resilience programs, and forged partnerships with key stakeholders to propel sustainable innovation in sectors like regenerative agriculture, clean energy, and Fintech.
As a significant milestone, SAB launched its inaugural USD 650 million Additional Tier 1 Green Sukuk, with the funds earmarked for eligible environmental projects. This pioneering move marked the first green-labelled Sukuk issuance by a Saudi bank, aligning seamlessly with Shariah principles and global green finance standards, as endorsed by a Second Party Opinion from S&P Global Rating.
Continued Recognition
This recent accolade adds to the series of honors SAB has garnered, including the “Sustainability Program of the Year 2024” at the Capital Markets Forum, as well as being named the “Best Bank in Saudi Arabia” and the “Best Private Bank” by Euromoney.
Future Commitments
SAB remains at the forefront by being the first bank in Saudi Arabia to implement a comprehensive sustainability strategy, with goals to achieve Net-Zero operational emissions by 2035 and Net-Zero, including financed emissions, by 2060. The bank also aims to allocate SR34 billion by 2025, in alignment with its support for the Kingdom’s strategic aspirations.
