Banks, Financial Services, Latvia
International Internet Magazine. Baltic States news & analytics
Friday, 19.04.2024, 10:52
The highest scoring category – Platinum Category – on the annual Sustainability Index was awarded to Baltic International Bank
Chairman of
the Management Board of Baltic International Bank Viktor Bolbat says:
“We are proud to be the first local capital bank to receive the highest rating
of the Sustainability Index. The Bank managed to find new opportunities for
development, overcome challenges, and successfully work on changing the
business model and move towards the common goal – to become a strong and sustainable investment Bank whose
activity is based on the internationally approbated ESG (Environmental, Social,
Governance) approach".
“The three pillars underlying the ESG approach – environmental sustainability, good governance and social issues – were and will be important for the
Bank both as a business organisation and as an educator of our customers and
partners. In recent years, we persistently worked to introduce the principles
of corporate responsibility and sustainability for them to become an everyday
aspect at all levels of the Bank,” emphasises Viktor Bolbat noting that one of the Bank’s core values is
Succession which implies taking care of the environment and its transfer to
future generations.
The
Sustainability Index is a strategic management tool based on the globally
recognised methodology that helps companies to assess the sustainability of
their operations and the level of corporate responsibility in five areas:
strategy, market relations, work environment, environment and society.
The overall
assessment of the company consists of achievements in all five areas;
therefore, the integrated approach covering all areas of the Bank's activities
is the only key to success. Realizing the strategic direction, Baltic
International Bank actively works to change the business model providing the
most profitable investment solutions for all financial needs and being a
reliable, open and honest long-term counterparty who invests its knowledge,
skills and resources for the benefit of society, too.
In the
field of environmental protection, Baltic International Bank can take pride in
its environment-friendly approach and the reduction of a number of key
environmental indicators as the effect of environmental concern. In particular,
in 2019, the Bank significantly reduced water and heat consumption, and significant
reduction in CO2 emissions was achieved. Enlightening employees and its
partners, the Bank is on the way to changing attitudes, thinking, and everyday
habits in terms of environmental issues.
Baltic
International Bank
is one of the most visible and oldest supporters of cultural processes, science
and sustainable business in Latvia concerned about the transfer of important
values to future generations. “Library” is one of the largest projects of
Baltic International Bank in 2019 offering to share with the public the stories
about the role of literature in people's lives, stories about their personal
libraries and content thereof. The project involves Latvian writers and other
creators of Latvian literary life.
It is in
the categories of market relations and work environment that Baltic
International Bank shows the highest growth and development since the Bank is
aware of the importance of non-financial reporting, and its activities are
characterised by the words “openness” and “transparency”. In these areas, the
Bank chooses a proactive approach as it is entirely possible that the
introduction of ESG principles and non-financial reporting will eventually
become a binding requirement for this sector.
Dace
Helmane, head of
the Institute for Corporate Sustainability and Responsibility, explains: “The Sustainability
Index is a time-tested and improved tool recognised by Latvian companies for
evaluating their work. In 2019, special joy was brought by companies that have
been registering on the index for several years and demonstrating a positive
dynamic of achievements, and also serving as an inspiring example for others.
Baltic International Bank has been participating in the Sustainability Index
for the sixth year still showing progressive growth, therefore finding Baltic
International Bank in the highest Platinum Category this year is natural.”
In 2014 and
2015, Baltic International Bank received the bronze Sustainability Index
award; in 2016, – the silver
award; and in 2017 and 2018, the Bank's performance was awarded a high-level
gold award, and we are proud that in 2019 the company received the highest
platinum award.
This week, Baltic
International Bank also received a positive assessment from the Ministry of
Welfare, having (third year in a row) become one of the Latvian companies that
was awarded the Family-Friendly Merchant status.
Since the
development of the Sustainability Index in 2009, several other initiatives have
been added that allow Latvian companies to not only get an analysis of their
effectiveness and expert comments, but also qualify for a number of different
awards, such as the Family-Friendly Merchant status, the Fair Trade award and the
Leader of Innovations award, Region Power, etc. The initiative is implemented
by the Institute for Corporate Sustainability and Responsibility, but is
supported by the Employers’ Confederation of Latvia and the Free Trade Union Confederation of Latvia. Since 2010, about 300
companies have used the self-assessment tool of the Sustainability Index.
Baltic
International Bank
has been operating in the Latvian financial market for 26 years and is one of
the most experienced banks in Latvia in the area of individual customer
service. The Bank provides high-quality products and services adapted to the
individual financial needs of its customers, as well as investment decisions
based on sustainable ESG (Environmental. Social. Governance) principles. The
Bank cooperates with the world's leading capital management companies specialising
in investments in energy-efficient companies and the production of renewable
energy simultaneously contributing to the growth of investors' capital and
caring for the environment. Corporate values of Baltic International Bank are
expertise, reliability and succession.