Saudi Awwal Bank Wins Sustainability Program of the Year 2024
In a groundbreaking achievement, Saudi Awwal Bank (SAB) has been honored with the Sustainability Program of the Year 2024 award at the prestigious Capital Markets Forum (CMF) hosted by the Saudi Stock Exchange Group (Tadawul).
This recognition marks a historic milestone as SAB becomes the first bank in the Kingdom to receive this esteemed accolade, highlighting its exceptional efforts and significant role in promoting environmental, social, and corporate governance (ESG) practices across the Saudi economy and market.
Selection of the winners was carried out by independent committees comprising a distinguished panel of industry experts, meticulously chosen by the CFA Society Saudi Arabia and the Middle East Investor Relations Association. Participants were rigorously evaluated based on stringent criteria to ensure the highest standards of excellence in their respective domains.
Tony Cripps, the Managing Director & CEO of SAB, expressed: “The receipt of this prestigious award underscores our unwavering dedication to implementing best practices and underscores our commitment to responsible banking. Our sustainability strategy is integral to our operations, and we are committed to driving ongoing progress and growth in alignment with Saudi Vision 2030.”
He further remarked: “This accolade further solidifies our standing in the banking sector, and we will persist in elevating the environmental and social impact of sustainability, cementing our role as a key contributor to the realization of pertinent national objectives.”
SAB continues to lead the way as the inaugural bank in Saudi Arabia to roll out a comprehensive sustainability strategy, including targets to achieve net-zero operational emissions by 2035 and net-zero financed emissions by 2060. The bank has also earmarked SR 34 billion for sustainable financing by 2025, aligning with the Saudi Green Initiative.
Moreover, SAB heads the Advisory Committee on Sustainable Banking (EBAC) under the supervision of the Saudi Central Bank (SAMA), further solidifying its position as a trailblazer in sustainable finance.
Established over 90 years ago, Saudi Awwal Bank is among the largest financial institutions in the Kingdom, playing a pivotal role in supporting the economic growth and social progress of Saudi Arabia. SAB stands out as a premier corporate and institutional international bank in the Kingdom, offering top-tier Wealth & Personal Banking services. The bank is also at the forefront in trade finance, foreign exchange, debt wholesale banking, digital innovation, and ESG initiatives, setting the stage for transformation and excellence.
SAB provides a comprehensive range of financial and banking services, encompassing corporate banking, investment, private banking, and treasury. Following the legal merger with Alawwal Bank in March 2021, SAB’s paid-up capital stands at SR 20.5 billion, when it was known as the Saudi British Bank (SABB). Saudi Awwal Bank operates as a licensed financial institution under the oversight and regulation of the Saudi Central Bank, and is a partner of the HSBC Group.
