Euromoney declares ComBank ‘Sri Lanka’s Best Bank for ESG’

The Commercial Bank of Ceylon has been proclaimed ‘Sri  Lanka’s Best Bank for ESG’ at the 2024 edition of the Euromoney Awards  for Excellence, generating international recognition for the Bank’s  commitment to Environmental, Social and Governance (ESG) frameworks.

The Euromoney Awards for Excellence are highly respected in  the global banking industry and represent the pinnacle of achievement  for banks and bankers that set the standards in the Banking field around  the world.

“Our strong governance framework ensures transparency,  accountability, and integrity in all our dealings, safeguarding  stakeholder interests and setting industry benchmarks for ethical  practices,” Commercial Bank Managing Director/CEO Sanath Manatunge said.  “By adhering to the highest standards of corporate governance, we  demonstrate our commitment to operating with the utmost integrity and  responsibility, ensuring long-term sustainable growth for our Bank and  the communities we serve.”

He said Commercial Bank’s approach to corporate  sustainability is comprehensive and inclusive, engaging all stakeholders  in diverse, multi-faceted initiatives aimed at fostering sustainability  across its operations.

The prestigious Euromoney award won by Commercial Bank  recognizes the impact of numerous internal and external initiatives. The  Bank said it prioritises minimising environmental impact through  energy-efficient operations, reducing its carbon footprint and funding  renewable energy projects to support a greener future.

Commercial Bank actively promotes social sustainability by  supporting financial inclusion, gender equality, and community  development programmes.

The Euromoney award is also an endorsement of the impacts  of the Bank’s multifaceted community projects that promote  sustainability across biomes, including its reforestation of a  100-hectare swath of degraded habitat belonging to the Kandegama forest  in the Dimbulagala range of the Polonnaruwa District; the ‘Trees for  Tomorrow’ initiative to plant 100,000 trees around the country; a  mangrove restoration project in Koggala; a marine turtle conservation  initiative in Panama; a partnership with Biodiversity Sri Lanka (BSL) to  maintain a stretch of beach in Kalutara and numerous beach clean-up  projects.

The Bank’s carbon-neutral journey is also supported by  investments in renewable energy, digitalization of banking, and Reduce,  Reuse, Recycle and Recover (4R) practices and training programmes in ESG  principles, compliance and monitoring, that engage employees at all  levels. The Euromoney Award for Excellence to ‘Sri Lanka’s Best Bank for  ESG’ is to be presented at the magazine’s Asia Awards Ceremony in  September 2024.

Euromoney says of its awards: “We seek the best of the best  in banking services globally, regionally and in each country. As every  year, size is important but certainly not paramount. Profitability is  vital, but so is an ability to demonstrate growth, relative  out-performance compared with peers, and the ability to adapt to  changing market conditions and/or client needs.”

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