Bangladesh Bank recognises City Bank as best sustainability bank in 2024

City Bank PLC has been recognised as the best sustainable bank among the 10 leading sustainable banks of 2024 in the country by the Bangladesh Bank (BB).

This marks the fifth consecutive year that City Bank has been honoured as one of the top 10 sustainable banks in Bangladesh.

Ahsan H Mansur, governor of Bangladesh Bank, presented the certification and crest to Mashrur Arefin, managing director and CEO of City Bank PLC, at the "Sustainability Rating 2024" ceremony held at the central bank's headquarters in the capital's Motijheel on Wednesday, according to a press release.

Commenting on the achievement, Arefin said: "Financial sustainability of banks, to me, is more important right now in our country than even environmental sustainability."

"Since the rating accounts for both, it effectively becomes the Best Bank rating accorded by our main regulator. That is what makes us all happy and proud; our board of directors, our management, our customers, and all other stakeholders alike."

He added that the board has mandated City Bank's management to transform the institution into a financial entity that "behaves and serves the entire population as a fintech company with a banking licence."

"We are progressing towards that vision," he noted.

However, for the first time, the central bank has officially announced the rankings, placing City Bank PLC at the very top in its rating for the previous year.

The central bank prepares this sustainability rating based on two broad perspectives: Financial Sustainability measured through core banking performance indicators such as capital adequacy, liquidity, asset quality, profitability, cost efficiency, customer accessibility, and standards of corporate governance; while Environmental Sustainability assessed through banks' performance in sustainable finance, green finance, CSR initiatives, and related activities.

Nurun Nahar, deputy governor of the central bank, along with other senior officials of the BB and City Bank, was also present.