No bank in Bangladesh grasped the environmental, social and governance nettle earlier and with greater enthusiasm than Prime Bank, which is run by CEO Hassan O. Rashid.
In Bangladesh, ESG reporting is a work in progress at best, in the absence of concrete policies that truly promote sustainability. But Prime Bank has long been a pioneering force since it was launched in 1995. The bank has used its early ESG adoption as a differentiator, and has joined the ranks of the leading commercial banks in the nation.
Long before the pandemic raised the profile of ESG strategies in Dhaka, Prime was integrating ESG risks and incentives into basic management and due diligence processes. The bank funds studies in the linkages between environmental vulnerabilities to labour and working conditions, community health and safety.
Prime was very early in devising exclusion lists, based on its ESG criteria, for companies and entire sectors seeking financing. Its pioneering environmental and social management system set the standard for the rest of the industry.
Last year, Prime upped the ante on supporting investments, technologies and businesses which give priority to growing Bangladesh’s low-carbon and climate-resistant economy.