St. Georges Bank & Company Inc.

Panama
Latin America & Caribbean

http://www.stgeorgesbank.com/

Industry:Banking
Date joined:1 December, 2021
Subsidiary of:Promerica Financial Corporation (PFC)
Initiatives:Principles for Responsible Banking

Company Overview

St. Georges Bank & Company Inc. is part of Grupo Promerica with a  presence in more than nine countries in Central America, Dominican Republic and Ecuador. It has more than US$15 billion in assets and employs more than 15 thousand employees.

During its 18 years of sustainable development, St. Georges Bank & Company Inc. established itself as part of one of the most important financial groups in the region, with more than 600 employees and over 67,500 clients throughout its 12 branches and 15 ATMs. The bank is ranked as the 15th bank of the 45 private banks with a general license. The bank assets have gone from US$ 320 million at the end of 2007 to more than US$1,072 million as at the end of December 2020.

The bank’s mission is to promote a bank that develops relationships and offers products and services to its communities to help them overcome their limits whether cultural, economic, personal or geographical.

The bank’s most recent Risk Rating by the rating agency Pacific Credit Rating is at paA+ stable outlook, being similar and competitive with the main banks of the system.

Summary of Sustainability Strategy

The sustainability strategy is based on 4 pillars:

  1. Products family – This is a set of products that is offered and continues to expand as it is aligned with development goals. It is in the bank’s plan to incorporate in the future green credit lines and efficient vehicle credit lines to expand and robust out products offer to the clients.
  2. Social Investment – Support to the communities where the bank is present by donations and support to foundations, as well as volunteer programs addressing environmental compromise, social contribution and economic stability.
  3. Lead by example – Promote actions to contribute to minimize the bank’s impact in the environment and society with efficient energy and water use, waste management and recycling, Innovative digital solutions for reduction of paper usage.
  4. Impact Measurement – Application of different methods to follow development indicators for measuring achievements.

The four pillars have a strong basis on Social and Environmental Risk Management and Governance.

The strategy is developed through a structure of commissions with members of all levels that combine best practices in the activities and departments across the bank.