• SAB will take on a leadership role to work with other banks to promote sustainable finance, share best practices and work together on practical guidance for the banking industry.
  • The bank also has a comprehensive Environmental, Social, and Governance focus approach.

Riyadh, Saudi Arabia:– SAB  has announced that it has become an official Signatory of the UN Principles for Responsible Banking. It is the first bank in Saudi Arabia to join global leaders in the commitment to sustainable finance.

The UN Principles for Responsible Banking is a single framework for creating a sustainable banking industry, developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

SAB aims to commit to the ambitions of the Principles - developed by a group of global banks and the United Nations to establish a framework for sustainable banking practices. Signatories commit to aligning their business strategies with the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change, and to work with clients and customers to help achieve these goals.

Tony Cripps, Managing Director & CEO at SAB , said: " The challenges we face as a global community require a collective effort from all stakeholders, including financial institutions. SAB is committed to being an active responsible corporate citizen and contributing to the sustainable development of our society. We are proud to be an early adopter of the Principles for Responsible Banking and look forward to sharing our experiences and best practices with other banks around the world.” He further added: “Together, we can create a more sustainable future for the next generations."

As a signatory to the Principles for Responsible Banking, SAB will take on a leadership role to work with other banks to promote sustainable finance, share best practices and work together on practical guidance for the banking industry. The bank will regularly report on its progress toward achieving the goals of the Principles and engage with stakeholders on sustainability issues.

SAB has already taken significant strides towards sustainable finance, including launching a green finance program to support environmentally friendly projects in Saudi Arabia. The bank also has a comprehensive Environmental, Social, and Governance (ESG) - focused approach.

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More information on the Principles for Responsible Banking can be accessed here:  www.unepfi.org/responsiblebanking

About SAB:

SAB is one of the largest banks in Saudi Arabia dating back nearly 100 years and has since been an active partner in supporting the Kingdom's economic growth and social development. SAB offers a variety of financial and banking services, including corporate and investment banking, private banking and treasury services, as well as leadership in innovation, digitization, and the adoption of ESG standards. It operates under the supervision and control of the Saudi Central Bank, and it has a strategic partnership with HSBC. The bank's paid-up capital is 20.5 billion Saudi riyals.

About Principles for Responsible Banking

UN Principles for Responsible Banking is an initiative that works with the banking community to accelerate a positive global transition for people and the planet. With over 300 signatory banks representing almost half of the global banking industry, the Principles are the world’s foremost sustainable banking framework. Through the Principles, banks take action to align their core strategy, decision-making, lending, and investment with the UN Sustainable Development Goals, and international agreements such as the Paris Climate Agreement. The Principles for Responsible Banking include the Net-Zero Banking Alliance, which is the climate-focused initiative of this global framework.

Media contacts:
SAB
Mai Bin Dayel, Head of Communications & CSR; mai.a.bindayel@sab.com
Turki Almiqbas, Senior Manager Media; turkialmiqbas@sab.com