Hong Kong's best bank for CSR 2018: Bank of China (Hong Kong)
Bank of China (Hong Kong)
Bank of China (Hong Kong) is one of just three commercial lenders allowed to issue bank notes denominated in Hong Kong dollars. Since its consolidation as a single entity in 2001, it has become a mainstay of the local financial system. It’s current vice-chair and chief executive is Yingxin Gao.
A pioneer in blockchain, it is innovative and bold and big, with more than 200 branches dotted around the city. But it has also become one of the best banks in Asia – maybe one of the best anywhere – in the field of corporate social responsibility.
A member of the Hang Seng Corporate Sustainability Index for eight straight years, its charitable foundation donated HK$200 million ($25 million) in 2017 to 28 projects ranging from youth development and education to environmental protection and poverty alleviation.
The bank’s ability to blend technology with its CSR commitments shines through when it uses fintech to provide access to high-quality banking services to residents from poorer and more remote regions. The roll out last year of its BOC Caring ATM Card, which waives minimum monthly balance fees and ATM card charges for local dollar savings accounts, was designed expressly to help the underprivileged and the elderly.
And Bank of China (Hong Kong)’s Environmental Leadership Awards, with its aim of encouraging manufacturers and services firms from Hong Kong and the Pearl River Delta region to cut waste and tackle pollution, has become a big hit since its launch in 2015. Last year, as part of its award process, 600 companies completed 1,388 green projects, eliminating four million tonnes of waste and recycling 460,000 tonnes of materials.