Kenya: KCB named best bank for sustainable finance

  • Global Finance has named KCB 2022’s best bank in sustainable finance in Kenya 
  • KCB was recognised for its efforts in creating a more sustainable business enterprise through deliberate socio-economic interventions
  • The group has set a target of transitioning 25% of its total loan portfolio to green investments by 2025 as part of its Net Zero ambition

Global Finance has named Kenya Commercial Bank (KCB) the Best Bank in Sustainable Finance in Kenya 2022.

The bank was awarded owing to its efforts in creating a more sustainable business enterprise through deliberate socio-economic interventions.

The award announced by Global Finance recognises global, regional and local leadership in Sustainable Finance – funding for initiatives designed to mitigate the negative impacts of climate change, build resilience and help build a more sustainable future for humanity.

The award comes when there are calls for institutions to embrace sustainable practices through adopting the UN Sustainable Development Goals as a guide. The guide is intended to assist in the attainment of reduced global net human-caused emissions of carbon dioxide by about 45 per cent from 2010 levels by 2030, reaching net zero around 2050.

Speaking about this achievement, KCB Group CEO Paul Russo said the bank is privileged to be the top mover of the Sustainability Agenda.

“The win reinforces our commitment to building a brand that is not only focused on profits alone but on the customers and the communities we serve. At the heart of our operations is the need to optimise our operations to create more efficient, sustainable industries that are considered the brands of the future.”

KCB Group has been accelerating sustainable finance in Kenya and across the region, consequently accelerating the transition to a low-carbon resilient economy. Currently, the group has set a target of transitioning 25% of its total loan portfolio to green investments by 2025 as part of its Net Zero ambition.

On his part, Global Finance Publisher and Editorial Director Joseph Giarraputo said the pandemic and energy-sector disruptions had heightened awareness of climate change risks.

“Technological innovations present new possibilities and offer new solutions to mitigate damage and build a sustainable future for all”.

In 2021, KCB Group received a series of global accolades that recognised the bank’s sustainable business efforts.

KCB was feted as the Best Sustainable Bank in Kenya by the International Business Magazine for its efforts in driving and ensuring the adoption of sustainable and green financing initiatives, Best Sustainable Bank by International Business Magazine, Best Retail Bank and Most Valuable Banking Brand by Finance Derivative, as well as the Most Valuable Banking Brand by Brand Finance.

In a separate story, KCB Group has said it is committed to becoming the undisputed regional lender amid the exit of its long-serving CEO, Joshua Oigara.

KCB Commits to Build on Joshua Oigara’s Success following his Departure

The group’s chairperson Andrew Kairu commended Oigara for his service to the group since joining in 2011 and said he had led the group through its fastest growth in a decade.

“He has left a solid legacy for the Group across Africa and beyond that is dotted by the transformation of millions of lives, enhanced financial inclusion across the region, digital banking innovations, and has built a group anchored on sustainable business practices,” the chair said.

The company also named Paul Russo as its new CEO to head the Kenya-based lender that has seen tremendous success over the last decade.

KCB Bank Branch. Photo: KCB Bank.

Russo is currently the CEO of the National Bank of Kenya and KCB Group Regional Business Director.

Kairu said Russo is the right person to take over from Oigara who served the bank for nine and a half years.

“Paul Russo is the right person for the job and will take us to the next level in its growth ambitions to become the undisputed regional leader and drive much-needed business transformation for greater impact of economies and communities around us,” Kairu said.

Kairu further revealed that Russo holds an MBA from Strathmore University Business School and a Bachelor of Business Management from Moi University. He also holds a Senior Executive Program for Africa Certificate from Harvard Business School and a Higher Diploma in Human Resource Management from the Institute of Human Resource Management (Kenya).

“During his tenure at NBK, he has executed a significant turnaround, moving the previously loss-making business into profitability and on a trajectory for stronger growth into the future,” said the Group Chairman.

Kenya: KCB records 74pc rise in full year 2021 net profit to hit KSh 34.2 billion

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

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