Saudi Awwal Banks becomes first bank in Saudi Arabia to win Sustainability Program Award 2024 at Capital Markets Forum

10/03/2025 04:39 AST

Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).

This achievement makes SAB the first bank in the Kingdom to receive this prestigious recognition and acknowledges its leading efforts and prominent role in advancing environmental, social, and corporate governance (ESG) practices within the Saudi economy and market.

The winners were selected by independent committees composed of a distinguished group of sector experts, carefully chosen by the CFA Society Saudi Arabia and the Middle East Investor Relations Association. Competitors were evaluated according to stringent criteria to ensure the highest levels of excellence in their respective fields.

Tony Cripps, Managing Director & CEO of SAB, stated: "Receiving this prestigious award reflects our steadfast commitment to applying best practices and reinforces our focus on responsible banking. Our sustainability strategy is a core part of our operations, and we are dedicated to contributing to continued progress and development in alignment with Saudi Vision 2030."

He added: "This recognition further strengthens our position in the banking sector, and we will continue working to enhance the environmental and social impact of sustainability, solidifying our role as a key contributor to achieving related national goals."

SAB continues its leadership role as the first bank in Saudi Arabia to implement a comprehensive sustainability strategy, including commitments to achieve net-zero operational emissions by 2035 and net-zero financed emissions by 2060. The bank has also allocated SR 34 billion for sustainable financing by 2025, in line with Saudi Green Initiative.

Additionally, SAB chairs the Advisory Committee on Sustainable Banking (EBAC) under the supervision of the Saudi Central Bank (SAMA), further cementing its position as a leader in sustainable finance.

Saudi Awwal Bank is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to more than 90 years, during which time it has been an active partner supporting the Kingdom's economic growth and social development. SAB is one of the leading corporate and institutional international banks in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in Saudi Arabia and the region in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, paving the way for transformation and excellence.

SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. SAB paid-up capital is SR20.5 billion, after the legal merger with Alawwal Bank on 14th March 2021, when it was legally known as the Saudi British Bank (SABB). Saudi Awwal Bank is a licensed financial institution operating under the supervision of and regulated by the Saudi Central Bank, and a partner of the HSBC Group.

Saudi Gazette