The Journey of Responsible Banking
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THE JOURNEY OF RESPONSIBLE BANKING Sustainability Report 2019 2019 I CIB Sustainability Report I 1 The Bank and References (G102-1) - (G102-5) Throughout this report, “CIB”, “the Bank,” or “we” refers to the Commer- cial International Bank (Egypt) S.A.E. Established as Joint Stock Company (S.A.E), under Investment law no. 43 of 1974. Editorial Policy Driven by our leading position in the nation, and as Egypt, is Africa’s Re- gional HUB and elected Chair of the African Union Assembly of the Head of States and Government for the year 2019, the CIB 2018 Sustainability Report reflected the work we have done to enhance all aspects of our sus- tainability performance and governance while taking into account both national and regional challenges and needs. This Sustainability Report complements and revisits a number of sustain- For Further Information (G102-53) ability material topics presented in the 2018 report while bringing to light particular key topics that have become a major focus to our stakeholders. Mona Hosny Ramy Kassab Senior Sustainable Development Senior Sustainable Development Scope of the Report Period and Cycle Covered (G102-50 / G102-52) Officer Officer This is a sustainability report featuring the year ended 31 December 2019. Email: [email protected] Email: [email protected] Some information before and after these dates may be included to empha- Address: Commercial International Address: Commercial International size relevant context to the reporting period. Bank (Egypt), Smart Village Bldg. 4, Bank (Egypt), Smart Village Bldg. 4, B218/F9 Financial district - Smart B218/F9 Financial district - Smart Referenced Reporting Guideline (G102-54) Village - Cairo Alexandria Desert Rd. Village - Cairo-Alexandria Desert Rd. The report is prepared in accordance with the Global Reporting Initiative Sustainability Reporting Standards: Core option. Date of Previous Sustainability Report (G102-51) 1 January 2018 to 31 December 2018 Forward-Looking Statements This Sustainability Report contains forward-looking statements on various Copyright © 2019 by Commercial International Bank (CIB) future estimation and paramount considerations that are expected in the All rights reserved. No part of this publication may be reproduced, distributed, or landscape of the banking industry, both nationally and regionally. While transmitted in any form or by any means, without the prior written permission of CIB’s proven agility allows swift adaptation, however, there is no assurance the publisher, except in the case of brief quotations and certain other noncom- of the magnitude nor the pace of such changes due to the rapid dynamics mercial uses permitted by copyright law. For permission requests, contact us at of the technologies and the markets we serve. the address below. Mistakes and Typographical Errors CIB Head Office (G102-3) Any errors discovered following publication of the report will be corrected Address: 21/23 Charles De Gaulle Street - Nile Tower Building, Giza, Egypt and displayed on our website. In consideration to the environment, our reports are published as a downloadable PDF file from our website. About This Report ...................................................06 A Note From Our Chairperson ...............................08 A Tribute ...................................................................10 Introduction .............................................................12 Sustainability Strategy ...........................................18 Sustainability Pillars Sustainability Governance CONTENTS Stakeholders and Materiality Digital Transformation ............................................30 Driving Economic Growth ......................................40 Journey 1 Economic Impact Journey 2 Financial Inclusion and Financial Literacy Journey 3 Supply Chain Management Managing Environmental Footprint .......................66 Journey 1 Green Finance Journey 2 Green Environment Leading Social Empowerment ...............................78 Journey 1 Our Customer Experience Journey 2 Our Employer Brand Journey 3 The CIB Foundation Journey 4 CIB Social Activities Corporate Governance ...........................................102 COVID-19 Response ................................................120 Awards......................................................................124 GRI Index ..................................................................126 External Assurance .................................................130 4 I CIB Sustainability Report I 2019 2019 I CIB Sustainability Report I 5 About This Report CIB’s 2018 Sustainability Report, A Blossoming Land, shed Awarded the light on the diverse practices, initiatives, and partnerships that CIB has undertaken for many years towards the achievement of a truly digital and inclusive business model, where all our hu- Middle East’s Best man and intellectual assets have been steered to capitalize on CIB’s sustainability culture across every product, process, and Bank for Corporate policy. In 2019, CIB geared itself and its employees to consoli- date all efforts and practices to set the stage for its revamped Responsibility sustainability strategy that paves the way for our full-fledged by Euromoney path to Responsible Banking. Once again, CIB takes the lead and challenges itself to a new platform of self-commitment, as we optimize all our expertise and capabilities at the service of the economy, society, and environment Became a founding Ranked #1 signatory bank among all Egyptian private-sector banks to the United Nations Environment Program Financial in terms of revenues, net worth, total assets, Initiative (UNEP-FI’s) Principles for Responsible Banking and deposits Ranked #38 on Forbes Middle The first organization East’s Top 100 in Egypt Listed Companies in the Arab World and the first Bank in the Middle East to acquire the ISO - 41001 certification 6 I CIB Sustainability Report I 2019 2019 I CIB Sustainability Report I 7 A Note From Our Chairperson The unprecedented events of the past At CIB, we began our journey of responsible months have forced us all to pause and banking since 2013, and we are proud to have take inventory of our lives, our business- set the tone for responsible business models es, and our world. None of us could have in the Egyptian banking sector. We don’t just imagined the scale and magnitude of prioritize profitability, cost savings, and op- the COVID-19 crisis, which continues to erational efficiency, but also our social and unfold, impacting the economies and lives environmental impact. of people on every continent across the globe. It is perhaps impossible to recall a In 2019, we took things a step further. Today, time when every individual, regardless of our business strategy and sustainability race, nationality, or religion, was essen- strategy are in the process of merging into tially facing the same set of challenges. one comprehensive framework that governs the way we work, the way we approach our While there are groups of people, re- operational goals, and the way we cater to our gions, and sectors that have been hit community and the environment. harder than others, I think that one of the most poignant messages that this On the following pages of this report, we aim to global pandemic has delivered is that share with our stakeholders how our services are partnerships, and decision-making. We have and the banking sector. In 2019, CIB became fundamentally, we all share a common continuing to finance individuals and businesses already begun to see fundamental changes one of the founding signatories of the Princi- planet and a common fate. It has forced through a new model of value creation that is brought about by digitization in the way that ples for Responsible Banking, joining a group us to think about the collective good more equitable and sustainable. We support our we deliver value to our customers and create of 130 banks worldwide that have committed before the individual good, which is what customers and help them to achieve their finan- shared value. to strategically align their business with the “creating shared value“ is all about. cial aspirations and grow their businesses. We Sustainable Development Goals and the Paris work with both small- and large-scale projects to As a strong case in point, CIB was able to Agreement on Climate Change. I think we are in As I have previously noted, at CIB, we establish true value creation that can transform seamlessly guide its customers towards the a strong position that can allow us to positively view CSV as a core business strategy lives. And we seek to finance sectors and estab- use of digital channels to ensure the health and influence our partners and corporate clients to that impacts our policies and operations lish partnerships with like-minded entities who safety of our employees and customers during adopt environmentally sustainable practices across the organization. Focusing on can join our effort to help build a more inclusive the COVID crisis by minimizing traffic in our into all aspects of their operations, just as we CSV not only strengthens our position as economy and sustainable society. branches. Clients have been able to bank with have internally. Egypt’s leading private sector bank, but it us 24/7 through more than 1,000 ATMs nation- also helps us as an organization, and Egypt as None of this would have been possible with- wide and online through their Mobile Banking, While the challenges ahead are significant, we a country, to mitigate risks and remain