BRAC Bank has further strengthened its position in the sustainable banking journey by achieving prestigious recognition from both domestic and international organizations.
BRAC Bank has been ranked first among all institutions in Bangladesh in the Bloomberg ESG Ratings 2024. This marks the third consecutive year that the bank has been in the top 10. At the same time, Bangladesh Bank has also recognized BRAC Bank as one of the country’s top sustainable banks for the fifth time.
The bank confirmed this information in a press release on Sunday (August 24).
BRAC Bank has achieved the highest overall score of 3.8 in the Bloomberg ESG Ratings 2024. These include scores for Environment (1.76), Social (5.83) and Good Governance (3.07). This places the bank ahead of domestic institutions IDLC Finance (3.51) and City Bank (2.64), as well as multinationals operating in Bangladesh.
With this recognition, BRAC Bank has been able to make it to Bloomberg’s top ten institutions for the third consecutive year.
This global recognition by Bloomberg comes through the publication of BRAC Bank’s full Carbon Emissions Report, Sustainability and Impact Report 2024, IFRS S-1 and S-2 Reports, and Annual Report 2024. By publishing these reports, the bank has set a new benchmark in good governance. As of December 2024, BRAC Bank’s sustainable financing stood at Tk 50,215 crore, which is 82 percent of the bank’s total asset portfolio.
BRAC Bank has the highest market capitalization (US$ 1 billion) and the highest international investor shareholding (32%) among banks in Bangladesh, reflecting its leadership in the financial sector. In addition, BRAC Bank has strengthened its position as the first institution in the country to disclose three types of greenhouse gas emissions (GHG Scope 1, 2, 3).
Bangladesh Bank has recognized BRAC Bank as one of the country’s top sustainable banks for the fifth year in a row. The bank also received an ‘Excellent’ rating from the central bank, a rating only two other banks in the country have achieved.
Bangladesh Bank bases its ratings on five indicators: Sustainable Finance Index, CSR Activities, Green Refinance, Core Banking Sustainability Index, and Banking Services Coverage.
BRAC Bank is the first bank in Bangladesh to disclose Scope 1, 2, and 3 carbon emissions data under the Partnership for Carbon Accounting Financials (PCAF) framework. The bank has also published standalone IFRS S-1 and S-2 reports as per the International Sustainability Standards Board (ISSB) standards. In line with international best practices, the bank is also preparing for a Tk 1,000 crore social bond issue, which will be in line with the International Capital Markets Association (ICMA) Principles.
To spread sustainable finance across the country, BRAC Bank has set up 50 Sustainable Finance Helpdesks in different regions of the country, making green finance and refinancing facilities more accessible to customers. Beyond banking, BRAC Bank’s CSR initiatives are making a significant impact on society. In 2024 alone, the bank served 50,000 people under its healthcare program, supported 46,000 farmers under its climate-resilient agriculture project, and provided higher education scholarships to 700 underprivileged women under its education sector.
Commenting on BRAC Bank’s prestigious achievement, Managing Director and CEO (Current Charge) Tarek Refat Ullah Khan said, “Sustainability is no longer an optional feature, but rather a foundation for long-term stability, growth and relevance. This recognition by Bloomberg and Bangladesh Bank further reinforces our commitment to responsible banking, transparency and impact creation. At BRAC Bank, we believe that ESG is not just about environmental protection or social development, but rather a process of building a future-oriented organization that investors, regulators, colleagues and customers can trust. We are committed to further increasing green and inclusive finance so that we can make a significant contribution to achieving the national sustainable development goals.”
