Qatar National Bank (QNB) supports Qatar’s sustainability commitments to transition to a carbon neutral economy, and due to its achievements the bank is currently recognised as a regional leader in environmental and social governance (ESG) issues, said Abdulla Mubarak Al Khalifa (pictured), Group Chief Executive Officer of QNB while delivering the keynote address at the 9th edition of the Euromoney Qatar Conference, yesterday.
During the speech Al Khalifa reiterated that QNB Group was also able to overcome the challenges of the pandemic as it continued to adhere to its goal of promoting prosperity and sustainable growth for the shareholders and communities. “We achieved a strong financial performance in 2021 and remain the largest financial institution in Qatar and a leading banking and brand in the region. In Qatar, QNB offers a full range of comprehensive banking services that focus on sectors such as public services, transportation, and logistics in addition to projects related to hosting the World Cup and expanding the North Field,” Al Khalifa said.
He added: “We are also keen to play a major role in supporting the hosting of the World Cup. We aim to help facilitate all services related to payments and transactions in order to provide a seamless experience during the tournament. Our strategic partnership with FIFA is an opportunity to promote the name of QNB and I believe this will help us strengthen our brand, image and reputation worldwide. All these achievements confirm the success of Qatar, the banking sector and QNB Group in overcoming the impact of the pandemic”.
Al Khalifa further explained that customers are now moving from physical interaction channels to online platforms, and this digital transformation is affecting the banking sector. The focus on sustainability, ESG, and climate change is expected to impact portfolios, balance sheets, and banking institutions’ operations.
The Qatar National Vision 2030 innovation plays an important role in transforming the economy. And since the pandemic, innovation and digital transformation have remained a key priority, helping to enhance productivity, cost efficiency, customer focus and ultimately increase profitability.
“As part of our group-wide strategy, QNB defines innovation as a strategic enabler to identify new sources of revenue and create cost-saving opportunities. We believe that innovation requires us to be more creative and flexible to respond to the complexities of the new normal. We are working to use and benefit from the latest technologies to provide digital banking services. Today more than 90 percent of our face-to-face operations with customers have already been digitised, helping us achieve the highest levels of satisfaction and security,” he said.
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He added: “The State of Qatar realises that sustainability and environmental, social, and institutional governance are not just a temporary trend, but rather a basic necessity for the country and its people. Protecting the environment and supporting sustainable development are among the most pressing issues in the country. Qatar has a long-term commitment to addressing global environmental challenges and has become a signatory to the 2015 Paris Climate Agreement”.
Al Khalifa further noted that QNB also supports Qatar’s sustainability commitments to transition to a carbon neutral economy. Financial returns are no longer the only criterion for measuring the performance of institutions. Acting in a sustainable manner has become imperative as ESG issues increasingly influence investor decisions as well as affect the reputation and ratings of companies across all sectors, he said.
“We have enhanced our strategy by integrating sustainability, corporate governance and environmental and social practices into our overall business and operating model. We are also part of the United Nations Global Compact, the world’s largest corporate sustainability initiative, and we issued a $600m green bond, the first green bond issued in Qatar and the largest conventional green bond issuance by a bank in the Mena region.
Also, we were the first bank in the region to receive an AA rating in Environmental, Social and Corporate Governance from MSCI. Due to our achievements in this field, QNB is today recognised as a regional leader in environmental and social governance issues,” Al Khalifa added.
