The IFC, an ASrIA member, and FT have jointly launched the 2008 Sustainable Banking Awards. Now in its third year, the awards recognize banks that have shown leadership and innovation in integrating social, environmental, and corporate governance objectives into their operations. The Sustainable Bank of the Year Award was won by HSBC in 2006 and ABN Amro in 2007.

Updated Media Release (pdf)
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ASrIA strongly encourages Asian financial institutions to submit for this years awards.

Of particular interest to Asian financials, two new categories have been added to this year’s awards – Banking at the Bottom of the Pyramid, and Sustainable Investor of the Year.  The former will recognise innovative financial institutions that are making commercial microfinance, insurance, and other crucial services available to the 4 billion poor people at the bottom of the economic pyramid. Most have no bank account, yet, according to the IFC, they represent a $5 trillion market.  With a strong history of microfinance initiatives in the Asian region there should be every chance of Asian financials performing well in this category.

Of the 151 submissions from 51 countries last year, several Asian banks, or international banks operating in Asia, won awards or were among the top five finalists of each award category.  These included:
 
ABN AMRO India, which won the Emerging Markets Sustainable Bank of the Year Award for providing responsible financial services, acting to minimize their environmental impacts, supporting local communities, launching an SRI fund in India and engaging in microfinance.

Washington based Industrial Bank was runner-up in the Sustainable Deal of the Year for its China Utility-based Energy Efficiency Finance Program that aims to reduce greenhouse gas emissions in China.

Kookmin Bank of Korea and Glitner Bank of Iceland was also both finalists in the Sustainable Deal of the Year award, the first for its financing of a transit system in South Korea and the second for it’s participation in a geothermal heating system project in China.

The deadline for entries is February 29, 2008 and the Financial Times and IFC plan to organise a series of invitation only events ahead of the awards deadline to increase understanding of sustainable banking in key emerging markets. Venues will include Dubai, Shanghai and Mumbai.

For further information, please contact sustainablebanking@ft.com or visit:
http://www.ftconferences.com/sustainablebanking/Home08.asp