Krungsri signs the UN Principles for Responsible Banking

Wednesday 28 September 2022 13:16
Krungsri (Bank of Ayudhya PCL) becomes an official Signatory of the UN Principles for Responsible Banking - a single framework for a sustainable banking industry developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
Krungsri signs the UN Principles for Responsible Banking

The Principles are the leading framework for ensuring that banks' strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Joining almost 300 banks worldwide in signing the Principles, Krungsri commits to be ambitious in its sustainability strategies, working to mainstream and embed sustainability into the heart of business, while allowing them to sustain at the cutting-edge of the Bank's social and sustainable finance facility (SSF).

Mr. Seiichiro Akita, President and Chief Executive Officer of Bank of Ayudhya PCL, said that "Krungsri is proud to become an official signatory to the UN Principles for Responsible Banking. The signing of these principles marks a key milestone in our ESG finance leadership journey, while reaffirming Krungsri's commitment to the banking with purpose tenet as well as our spirit and responsibility of a Domestic Systemically Important Bank (D-SIB)."

"We will, therefore, continue to assume an active exemplary role in the Thai banking industry through sustainable growth path encompassing ESG dimensions for both the Bank's own actions and supporting clients in their brown-to-green transitions, a mandate that resonates our sustainability vision of 'To Be the Most Sustainable Commercial Bank in Thailand."

Under the Principles, signatory banks measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies. This aligns with Krungsri's belief that banks, indispensable to the economy, have a shared responsibility to support the country's smooth transition toward achieving the UN sustainable development goals and a low-carbon economy.

Underpinning Krungsri's tenet on banking with purpose, the Bank boldly declared Krungsri Carbon Neutrality Vision in 2021, under which Krungsri's Race to Net Zero Action Plan was introduced in 2022. Achievements demonstrating Krungsri's firm commitment of doing better business for society include the issuance of gender bond, the Certification of Green Office, and greenhouse gas reduction targets and the provision of ESG financial products and services to support customers (such as the issuance and underwriting of green bond, sustainability bond, sustainability-linked bond, and sustainability-linked loan.) Krungsri is also a subsidiary of Mitsubishi UFJ Financial Group (MUFG), one of the world's largest financial groups, that has also committed to the same vision of Carbon Neutrality.

More information on the Principles for Responsible Banking:

Source: Bank of Ayudhya