BSF announces new ESG Framework to accelerate sustainable prosperity in the Kingdom
12/Mar/2023
February 2023, Riyadh, Saudi Arabia – BSF today announces a new ESG Framework that
places Environmental, Social, and Governance (ESG) practises at the core of its
development ambitions and responsibilities, in alignment with supporting the advancement
of a sustainable financial sector in the Kingdom of Saudi Arabia.
With sustainability serving as a vital component of Saudi Arabia’s Vision 2030 initiative, the new framework considers the bank’s entire value chain across five pillars recognizing the impact on the environment, people, customers, shareholders, society and other stakeholders, which will be vital in driving the Bank’s ESG journey in the Kingdom.
With sustainability serving as a vital component of Saudi Arabia’s Vision 2030 initiative, the new framework considers the bank’s entire value chain across five pillars recognizing the impact on the environment, people, customers, shareholders, society and other stakeholders, which will be vital in driving the Bank’s ESG journey in the Kingdom.
Bader Al Salloum, CEO of BSF, said: “Businesses today can no longer ignore the impact
of their activities. They must employ a long-term mindset that acts as a positive force for its
employees, customers, stakeholders, and the community in which it operates. We are
committed to advancing the development and implementation of various ESG-related
ambitions, goals and measures. As a bank, we prioritize the needs of our people, customers,
shareholders and society ahead of our own personal agenda, which is part of our core
values. We are acutely aware of our responsibility to maintain a comprehensive and
encompassing overall ESG Strategy that aligns with the Bank’s ESG efforts and support of
Vision 2030.”
BSF’s new ESG Framework will enable the Bank to define what sustainability means in alignment with its core mission and values. It is built on the below five pillars:
BSF’s new ESG Framework will enable the Bank to define what sustainability means in alignment with its core mission and values. It is built on the below five pillars:
1. Exemplifying the highest ethical & governance standards
We implement the highest standards of corporate governance, aligned with our core values and in line with Sharia principles. We aim to protect the rights of both shareholders and stakeholders to achieve justice, competitiveness, and transparency. We are guided by a sound risk management framework and three lines of defence approach to mitigate risks. We have zero tolerance for bribery, corruption, money laundering, and all forms of financial crime. We are committed to safeguarding our customers’ personal data and privacy. We are honest with one another, even at the risk of temporary disharmony.
We implement the highest standards of corporate governance, aligned with our core values and in line with Sharia principles. We aim to protect the rights of both shareholders and stakeholders to achieve justice, competitiveness, and transparency. We are guided by a sound risk management framework and three lines of defence approach to mitigate risks. We have zero tolerance for bribery, corruption, money laundering, and all forms of financial crime. We are committed to safeguarding our customers’ personal data and privacy. We are honest with one another, even at the risk of temporary disharmony.
2. Accelerating sustainable economic growth
We are contributors to the economic vitality of Saudi Arabia. We aim for sustainable financial growth and investments by diversifying our income sources while maintaining low costs and high operating efficiency. We seek to apply ESG criteria in our lending and investment activities. We ensure that our procurement processes are carried out responsibly, strengthening the economy and promoting the community's welfare. We think long-term in our decisions but make them quickly and are biased towards action.
We are contributors to the economic vitality of Saudi Arabia. We aim for sustainable financial growth and investments by diversifying our income sources while maintaining low costs and high operating efficiency. We seek to apply ESG criteria in our lending and investment activities. We ensure that our procurement processes are carried out responsibly, strengthening the economy and promoting the community's welfare. We think long-term in our decisions but make them quickly and are biased towards action.
3. Creating a thriving workplace
We are committed to maintaining an outstanding workforce by attracting, training, and retaining talented individuals. Our employees undergo the necessary training to develop their full potential. We combat any form of discrimination to provide our employees with an inclusive, safe, and healthy work environment. We seek to promote Nationalization to support Saudis in their career aspirations within the banking sector.
We are committed to maintaining an outstanding workforce by attracting, training, and retaining talented individuals. Our employees undergo the necessary training to develop their full potential. We combat any form of discrimination to provide our employees with an inclusive, safe, and healthy work environment. We seek to promote Nationalization to support Saudis in their career aspirations within the banking sector.
4. Serving our clients
Customer experience and satisfaction are an utmost priority. We prioritize the needs of our people, customers, shareholders and society. We implement innovative technology to offer customers sustainable products and services that exceed their expectations. All our products and services are easily accessible nationwide. We contribute to raising the financial literacy of our stakeholders, enabling them to make better-informed decisions. Our aim to create long-term relationships with our customers is based on loyalty, quality of service and innovative, customized solutions.
Customer experience and satisfaction are an utmost priority. We prioritize the needs of our people, customers, shareholders and society. We implement innovative technology to offer customers sustainable products and services that exceed their expectations. All our products and services are easily accessible nationwide. We contribute to raising the financial literacy of our stakeholders, enabling them to make better-informed decisions. Our aim to create long-term relationships with our customers is based on loyalty, quality of service and innovative, customized solutions.
5. Protecting our communities
We are committed to managing our environmental impact by supporting and adopting national and international efforts to preserve natural resources. We seek to contribute to the societal and environmental benefits by implementing the latest technologies. Our community investment and philanthropy culture aim to enhance the communities in which we operate.
We are committed to managing our environmental impact by supporting and adopting national and international efforts to preserve natural resources. We seek to contribute to the societal and environmental benefits by implementing the latest technologies. Our community investment and philanthropy culture aim to enhance the communities in which we operate.
About BSF
BSF is a Saudi Arabian Joint Stock Company established by Royal Decree No. M/23 dated June 1977. It has its head office in Riyadh and three regional offices in Jeddah, Al-Riyadh and Al-Khobar. Through its 84 branches/self-service centers, 563 ATMs and over 45,000 points of sale, BSF is committed to providing innovative and excellent services to its clients. As part of its philosophy, BSF strives to create a long term and personalized partnership with all its customers and to gaining their loyalty through recognized banking expertise, quality of service, and innovative and customized financial solutions.
For more information, please visit www.alfransi.com.sa
For further information, kindly contact:
Sarah Altuwaijri
Head of Marketing and Communication
Email: SMAltuwaijri@alfransi.com.sa
BSF is a Saudi Arabian Joint Stock Company established by Royal Decree No. M/23 dated June 1977. It has its head office in Riyadh and three regional offices in Jeddah, Al-Riyadh and Al-Khobar. Through its 84 branches/self-service centers, 563 ATMs and over 45,000 points of sale, BSF is committed to providing innovative and excellent services to its clients. As part of its philosophy, BSF strives to create a long term and personalized partnership with all its customers and to gaining their loyalty through recognized banking expertise, quality of service, and innovative and customized financial solutions.
For more information, please visit www.alfransi.com.sa
For further information, kindly contact:
Sarah Altuwaijri
Head of Marketing and Communication
Email: SMAltuwaijri@alfransi.com.sa
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