Latin America & Caribbean
|Date joined:||9 July, 2021|
|Initiatives:||Principles for Responsible Banking|
Brief Overview of Organization
Banco Popular S.A. is a private Colombian public limited company, incorporated on July 5, 1950. The Bank is part of AVAL Corporation (Aval Assets and Goods) since 2006, and its main corporate purpose is the development of activities, operations and services of a banking establishment.
The Bank’s operations are administered in Bogotá City, where the General Management is located. Currently, the Bank has more than 200 offices nationwide, which offer banking services in 30 of the 32 departments of Colombia. Likewise, it has 114 bank correspondents and 779 ATMs.
Banco Popular has more than 8,700 business clients corresponding to large, medium and small companies. Similarly, it has more than 1.1 million Personal Banking Clients. The main segments served by the Bank are: Pensioners, Education Sector, Armed Forces, Public Sector Workers, Business, Corporate, Institutional, and Government.
Summary of Sustainability Strategy
Based on the Bank’s purpose of “Being a sustainable company that creates experiences that positively transform people’s lives”, Banco Popular has developed its Sustainability Model in 2020. With the purpose of incorporating ESG (Environmental, Social, Government and Corporate) in a strategic way, the model has four management fronts as described below:
- Let’s be more: guides actions to provide positive experiences to the Popular Human Team and generate value for shareholders through solid, ethical and transparent corporate management. The pillars of work on this strategic front are: Organizational Health, Corporate Management, and Corporate Governance.
- Let’s take care more: develops actions to leave a positive mark on communities and society through the management and promotion of responsible practices for the care of the environment and its resources. The pillars of work on this strategic front are: Efficiency in the use of resources and Environmental Development.
- Let’s learn more: directs actions to contribute to the development of interest groups by promoting knowledge, access and responsible use of financial products and services. The pillars of work on this strategic front are Financial Education and Inclusion and Accessibility.
- Let’s contribute more: directs actions to contribute to the improvement of the quality of life and prosperity of stakeholders to promote their growth and development. The pillars of work on this strategic front are: Economic Development, Social Development, Innovation, and Customer Experience.
Each strategic front and its respective pillars have natural leaders (Managers and Directors) and sponsors (Vice Presidents), it is due to sustainability management is aligned with the Bank’s strategic planning and, in this way, the planned results are achieved.
Banco Popular S.A. has selected the Principles of Responsible Banking of UNEP FI as their first international benchmark in the process of implementing their sustainability strategy, because it is an initiative specialized in the financial sector, its reporting methodology is aligned with the Sustainable Development Goals (SDG ). Additionally, the Bank found a great opportunity to connect to a network of organizations that recognize the role and responsibility of the Banking Sector as a mobilizer of resources to leverage the transition towards a more Sustainable economy. Being a member of the Principles of Responsible Banking will contribute to strengthening their business strategy and enhancing the impact of their organization on stakeholders.