HungaryCIB BankDialogue with the market and stakeholders are cornerstones of CIB Bank’s approach to banking and financial services. With a highly regarded code of conduct and an ethical standards body, the firm’s sustainable outlook runs from top management through the backbone of the organisation’s systems. The company has set the standard in Hungarian sustainable banking.
GermanyCommerzbankThe Frankfurt-based bank not only runs a successful business but also actively contributes to society and the environment in a sustainable manner. Commerzbank’s decision-making is informed by a number of ethical and sustainable considerations and, as a result, the bank is seen the world-over as a responsible corporate citizen.
ChileBanco de Crédito e InversionesBCI’s stakeholder relations keep it ahead of the competition, particularly through its progressive and diverse outlook on banking issues. It is the bank’s aim to create responsible, sustainable and clear financial goals as it surges ahead of its competitors in the region. A major push for transparency is part of BCI’s vision.
BrazilCaixa Economica FederalThe Caixa Economica Federal is not only a powerful bank in Brazil, but a beloved local institution as well. As a government-owned development bank, it has long been a trendsetter when it comes to sustainable banking. It is a force in promoting urban development and is present in over 5,000 municipalities across the country.
ArgentinaStandard Chartered Bank ArgentinaStandard Chartered’s commitment to corporate social responsibility has seen the bank stand by its clients and stakeholders as a force for positive change. In the past year, the bank has invested in communities, financed sustainable economic growth, practiced strong corporate governance and minimised its impact on the environment.
FranceCredit AgricoleThe third-largest bank in the world by assets continues to diversify and hit long-term goals across a variety of markets. Heavily active in asset management and other financial services, the bank maintains a well-capitalised and wide-ranging balance sheet and supports sustainable development in local markets.
CanadaScotiabankScotiabank provides personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With offices worldwide, the firm works hard to reduce its environmental impact and has a strong CSR policy focusing on ethical banking practices, environmental awareness and a commitment to communities.
AustraliaANZWith a history dating back 175 years, ANZ has been committed to responsible growth throughout the Asia Pacific as it expands from its Australia-New Zealand roots. Employing more than 48,000 people, the bank has ranked at the top of Dow Jones’ Sustainability Index for five years and has invested billions in carbon reducing practices.
AngolaStandard BankStandard Bank has long had a focus on strengthening Africa’s businesses through inclusive banking practices and sustainable investments in Angola. The firm has pioneered major renewable energy funding successes and reduced its carbon footprint, recognising that Africa’s economic development depends on sustainable, environmentally-friendly business practices.
1996
Khodorkovsky installed himself as chief executive of Yukos and built his stake in Bank Mentap to over 90 percent after investing a further $160m. Seen as part of Russia’s new wave of democratic business leaders, the ex-banker appointed five Americans to the board. His credentials were so impressive that former US Secretary of State Henry Kissinger and British banker Lord Rothschild agreed to become joint chairmen of his charity, known as Open Russia.
Early 2003
After narrowly avoiding the bankruptcy of Yukos following the collapse of the rouble, Khodorkovsky steadily turned the company into the fastest-growing oil group in Russia. He pulled a master-stroke by agreeing a merger with rival Sibneft, controlled by Roman Abramovich, one of the youngest of the oligarchs. The deal succeeded in making Yukos not only a giant in the energy sector, but the fourth-largest privately owned company in the world.
Late 2003
The Kremlin began to take a closer interest in the power of Yukos and its chief executive (once a friend of President Putin). Khodorkovsky was listed as Russia’s wealthiest individual. In October, and to the shock of the global energy industry, Khodorkovsky was summarily arrested and charged with fraud and tax evasion. Alarmed by what were widely seen as trumped-up charges against Yukos, the Sibneft shareholders hastily called off the merger.
2004
Khodorkovsky was hauled before a Moscow court and handed a $7.4bn bill for back taxes. Including interest and penalties, the bill would eventually reach an astronomical $28bn.
Although Putin insisted the state had no intention of bankrupting Yukos, its plum assets were quickly seized to pay the outstanding taxes. The ousted management launched a case with Europe’s Permanent Court of Arbitration, seeking $132bn in damages.
2005
Khodorkovsky and his business partner Platon Lebedev were banished to jail in Siberia for a lengthy term of nine years, following what human rights observers described as a flawed trial. Bit by bit, most of the Yukos assets ended up with Kremlin-controlled companies. The production unit Yuganskneftegaz, one of the jewels in the Yukos crown, was effectively valued at $80bn – more than eight times what it fetched at liquidation.
2007
By now most of Yukos’ assets were in the hands of Rosneft, one of the world’s biggest oil traders. Rosnet also happened to be led by Putin’s associate Igor Seltschin. Russian prosecutors hauled the old management back from Siberia, alleging they had stolen more $35bn in oil from the company. As the German business newspaper Wirtschaftsblatt noted: “The break-up of Yukos provides a lesson for foreign investors in Russia.”
2010
The shareholders fought back. They continued to demand almost $132bn in damages: a sum equivalent to more than half of all Russia’s cash reserves. One of their arguments was that Russia was a signatory to an international agreement known as the Energy Charter, which bound the government to pay compensation if it chose to nationalise or otherwise take over private assets, licences or property. The ex-Yukos executives’ sentences were raised to 14 years.
2013-14
The Kremlin freed Khodorkovsky and Lebedev after the European Court of Human Rights ruled certain aspects of the case against them were unfair. In a bombshell judgement, the International Court of Arbitration said the Russian authorities’ actions against Yukos were politically motivated and ordered the country to pay $66bn to the former majority shareholders. Russia has said it will challenge the ruling. Unsurprisingly, Khodorkovsky has fled Russia.
VenezuelaBanco Nacional de CreditoFormed little over a decade ago by a group of Venezuelan investors, Banco Nacional de Credito has developed a business model focused on the healthy and profitable growth of its loan portfolio, offering a wide range of high quality products and financial services to effectively meet the needs of its customers.
UAEEmirates NBDEmirates NBD is Dubai’s largest lender, and has performed strongly in recent years in terms of profit, as its market capitalisation continues to improve along with growth in loans and deposits. With offices across the Middle East and in the UK, the firm continues to draw in customers looking for reliable retail services.
Trinidad & TobagoFirst Citizens BankWith over 100 years’ experience in the market and assets exceeding $29bn, First Citizens Bank is a formidable financial force in Trinidad and Tobago. By abiding by a three-fold commitment to integrity, stability and service excellence, the bank remains one of the retail banking sector’s most admired constituents.
Sri LankaSampath BankWith over 215 branches across Sri Lanka, Sampath Bank is by far the most impressive bank on the island. With close to three decades of experience, it has steadily risen through the ranks to become the third-largest private sector bank in Sri Lanka in terms of deposit volume, and that is only set to increase.
US (West)TD BankPushing the boundaries of exceptional customer service to the limit, TD Bank continues to raise the bar when it comes to direct interaction with customers, as well as in-branch services. The bank’s substantial network spans 1,300 branches across the US, which have been built over the course of a rich 150-year history.
