TSKB wins 2008 Sustainable Bank Award
Turkey’s environmentalist bank TSKB (Industrial Development Bank of Turkey) has won the “Sustainable Emerging Markets Bank of the Year” award for Eastern Europe under “Financial Times Sustainable Banking Awards-2008”., Now in its third year the awards were created by the Financial Times and IFC (International Finance Corporation), a member of World Bank Group. The judges’ view is that TSKB is a bank with momentum that has been building its renewable energy portfolio for the last five years and is now clearly a leader in the region.
Since its foundation in 1950, TSKB has contributed significantly to Turkey's sustainable development. The bank has pioneered the adoption of corporate governance and socially responsible policies in the country and been for decades the local partner for major international socially responsible financial institutions. It also has a reputation as a very effective and responsible distributor of global funds to sustainable development projects. TSKB not only performs detailed appraisals of the possible environmental effects of all the projects it finances, but also disburses many environmental loans specifically designed to finance sustainable, environment-focused investments. In renewable energy loans alone, with 53 independent projects, TSKB is by far the local leader in terms of number of projects financed. As the first and only Turkish-owned bank to have an ISO14001 certification for its environmental management systems, TSKB aims to use every opportunity to create environmental and social value-added through innovative financial solutions and social responsibility projects.
About Financial Times and IFC Sustainable Banking Awards
Financial Times and IFC recognize banks and other financial institutions that have shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations. The programme has grown in popularity and this year’s winners were selected from a record 182 entries from 129 institutions across 54 countries. TSKB is the first and only Turkish bank to receive the award since its initiation.
The winners of the Financial Times Sustainable Banking Awards are leading the way in meeting combined social, environmental and financial goals. The financial institutions around the world are re-assessing risk and opportunity under increasingly challenging circumstances. The objective of these awards is to continue to encourage more transparent and sustainable practices in their lending, financing and investing.
