“AfrAsia Bank has always believed in giving back to the community since its inception by continuously engaging in various CSR activities. We started our sustainability journey in 2015 with our commitment to the UNGC and today, the Bank is well-known in Mauritius thanks to its various initiatives to promote the Sustainable Development Goals. A major milestone for us as bankers remains the setting up of green financing products with the launch of our green car loan last year. We have noted a rising interest about sustainable brands in the market as environmental concerns have become the priority of everyone’s agenda. Customers now seek to collaborate with partners/companies that align with the same goals as them. As we are moving further into this journey, we are now well equipped, especially with our recent signature with the AFD, to assist our clients in order to build a strong sustainable product portfolio. A big thanks to the Corporate Banking team who has collaborated on this project.”
Kervin Magdelaine
Senior Relationship Manager
Sustainability Champion for Corporate Banking Department
B. iStoxx – structured products
On 25 May 2020, we launched a Structured Deposit Solution in EUR, USD and MUR which is linked to the “iStoxx Global Cities of Tomorrow Select 30 NR Decrement 5%”, which screens companies 3 stages:
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Those who are the leaders in regards to Environmental, Social, Governance (ESG) scores,
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Those who are not in contravention of the UN Global Compact Principles or are involved in Controversial Weapons activities, as identified by Sustainalytics, a global leader in ESG and Corporate Governance research and ratings.
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And finally, those who have substantial exposure to the ‘sustainable smart city’ megatrend.
The iSTOXX® Global Cities of Tomorrow Select 30 Index aims to capture the economic upside of companies exposed to the powerful transformation and growth of smart cities in the digital era and combines a thematic approach with responsible criteria and low-volatility/high-dividend screens, highlighting the versatility of passive investing. (https://www.stoxx.com/pulse-details?articleId=1435450681)
This product, a collaboration with the Treasury department and the Corporate Sustainability & CSR team, marks the Bank’s commitment to increase the global understanding of sustainability and the United Nations’ Sustainable Development Goals (SDGs). It is also an opportunity for our customers to invest in a sustainable fund.
C. The way forward
To further develop our sustainable product portfolio, we have signed an agreement with the Agence Française de Développement (AFD) for their SUNREF Program to finance mitigation and adaptation projects as well as projects promoting gender equality. In addition, we will be developing other internal products at the Bank.