The Financial Times (FT) and the International Finance Corporation (IFC) announced the winners of the 2010 Sustainable Banking Awards. Co-operative Financial Services, a British financial group with GBP 1.1 billion (USD 1.6 billion) in total revenue in 2009, was named as the Sustainable Bank of the Year, while Itau Unibanco, a publicly quoted bank in Brazil with USD 356.3 billion in total assets in 2009, was named the Emerging Markets Sustainable Bank of the Year. Several other institutions were also recognized: One Acre Fund, a nonprofit organization based in Kenya working to empower families in East Africa to lift themselves out of hunger and poverty, won an award for Achievement in Basic Needs Financing; Financial Information Network and Operations (FINO), an Indian company that provides technological products to microfinance institutions (MFIs), banks, and insurance companies that together serve approximately 8 million customers, won an award for Achievement in Banking at the Base of the Pyramid; and Global Environment Fund, a US-based firm with USD 1 billion in aggregate capital under management that invests in businesses around the world that provide cost-effective solutions to environmental and energy challenges, won the Sustainable Investor of the Year award [1].
According to FT’s website, the FT Sustainable Banking Awards, now in their fifth year, were created to “recognize banks and other financial institutions that have shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations” [2]. The awards were presented at a gala dinner in London. The keynote speaker, Dr Mo Ibrahim, the founder of the Mo Ibrahim Foundation and Celtel International, a major communications corporation, spoke about the importance of finding innovative ways to expand access to financial services in a sustainable fashion.
By Conner Brannen, Research Assistant
About Financial Times (FT):
The Financial Times (FT), established in 1888, is an international business news organization. The newspaper is printed at 23 different print sites across the globe, has a daily circulation of 390,203 and a readership of 1.3 million people worldwide. The FT family of companies also includes macro policy intelligence provider Medley Global Advisors (MGA), fund management information provider Money-Media, recruitment site Exec-Appointments and Financial Times Business which produces specialist information on the retail, personal and institutional finance industries, including the personal finance magazine Investors Chronicle, The Banker, Money Management and Financial Adviser for professional advisers.
About the International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
About Co-operative Financial Services:
Co-operative Financial Services is a group of businesses that includes the Co-operative Insurance, the Co-operative Investments and the Co-operative Bank. Co-operative Financial Services, which has approximately 6.5 million customers, together with the Co-operative Bank, provides a range of financial services including internet banking, current accounts, mortgages, credit cards and loans. In 2009, Co-operative Financial Services reported GBP 1.1 billion (USD 1.6 billion) in total revenue.
About Itau Unibanco:
Itau Unibanco is a publicly quoted bank based in Sao Paulo, Brazil. The bank is the result of the merger of Banco Itau and Unibanco, which occurred on November 4, 2008. Itau Unibanco has offices in Asuncion, Buenos Aires, the Caiman Islands, Dubai, Hong Kong, Lisbon, London, Luxembourg, Montevideo, Nassau, New York, Santiago, Shanghai and Tokyo. Itau Unibanco won the Financial Times’ (FT’s) and the International Finance Corporation’s (IFC’s) Award for Emerging Markets Sustainable Bank of the Year in 2009 and again in 2010. In 2009, Itau Unibanco reported USD 356.3 billion in total assets.
About One Acre Fund:
One Acre Fund works to empower families in East Africa to lift themselves out of hunger and poverty. The organization, which was established in 2006, has served approximately 12,000 families as of 2009. Its strategy is to provide a comprehensive investment package of high-quality seed and fertilizer, education courses, and access to output markets. In 2008, One Acre Fund reported USD 2.2 million in total assets.
About Financial Information Networks and Operation (FINO):
Financial Information Networks and Operation (FINO) is an Indian company that provides technological products to microfinance institutions (MFIs), banks and insurance companies. Some of its products include management software for microloans and biometric smartcards that store transaction records. The company was founded in 2006. As of December 12, 2009, the company has over 8 million enrolled customers through the financial institutions that use its products.
About the Global Environment Fund (GEF):
The Global Environment Fund (GEF), based in the US state of Maryland, invests in businesses around the world that provide cost-effective solutions to environmental and energy challenges. The firm, which was established in 1990, has approximately USD 1 billion in aggregate capital under management.
Sources and Additional Resources:
[1] International Finance Corporation (IFC): “IFC, FT Sustainable Banking Awards”: http://www.ifc.org/ifcext/media.nsf/Content/IFC_FT_Sustainable_Banking_Awards
[2] FT Global Conferences and Events: “FT Sustainable Banking Awards 2010 Winners Announced” June 3, 2010: http://www.ftconferences.com/sustainablebanking
[3] MICROCAPITAL STORY: Pioneer in Microfinance Investing, Triodos Bank, Wins 2009 Sustainable Banking Award by Financial Times (FT) and International Finance Corporation (IFC); MicroEnsure and Root Capital Also Take Prizes, June 9, 2009: https://www.microcapital.org/microcapital-story-pioneer-in-microfinance-investing-triodos-bank-wins-2009-sustainable-banking-award-by-financial-times-ft-and-international-finance-corporation-ifc-microensure-and-root-capit/
[4] MicroCapital Universe Profile: Financial Times (FT): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+Times+%28FT%29
[5] MicroCapital Universe Profile: International Finance Corporation (IFC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
[6] MicroCapital Universe Profile: Co-operative Financial Services: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Co-Operative+Financial+Services
[7] MicroCapital Universe Profile: Itau Unibanco: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Itau+Unibanco
[8] MicroCapital Universe Profile: One Acre Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=One+Acre+Fund
[9] MicroCapital Universe Profile: Financial Information Networks and Operation (FINO): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+Information+Networks+and+Operation+%28FINO%29
[10] MicroCapital Universe Profile: Global Environment Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Global+Environment+Fund
Browse the MicroCapital Universe and add your entry to the wiki https://www.microcapital.org/microfinanceuniverse/
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