Credicorp may have been somewhat late in starting its environmental, social and governance initiative in earnest – the bank only formalized its global sustainable impact strategy in 2020 – but the results have been impressive.
The judging panel praises the firm’s progress in ESG investing, with one noting that “[Credicorp’s] global impact strategy in Chile and Peru sets a high-water mark for the industry in Latin America”. They add that the firm has been a leader in this sector since late 2021.
Credicorp’s evolution in ESG investing has taken place on many fronts. As well as developing its own sustainable capabilities, the bank has been actively educating its client base – 50% of whom reported to a 2022 survey that they didn’t know what ESG investing was. Education – both externally and internally (75 leaders in the bank’s wealth-management team undertook ESG training last year) – is a fundamental driver for the greater adoption of ESG investments across the business.