GSB signs pact for responsible banking, joins UN finance initiative
The Government Savings Bank (GSB) has become a member of the United Nations Environment Programme Finance Initiative (UNEP FI) and signed the Principles for Responsible Banking as part of its move to become a sustainable bank.
Vitai Ratanakorn, GSB’s president, said GSB is the first Thai state financial institution to recognise the principles of responsible banking and it reflects the bank’s commitment to operate using environment, social and governance values.
The responsible banking principles comprise:
• Operating in line with sustainable development goals.
• Aiming to boost positive effects, while reducing negative impacts.
• Working responsibly with clients.
• Working responsibly with stakeholders.
• Implementing good governance and culture of responsible banking.
• Being transparent and accountable.
The bank serves three key customer groups – low-income earners, vendors and community organisations – by offering them loans at low interest rates. GSB has also helped promote the culture of saving and taught customers financial skills. He said these are all steps to increase people’s income and help small traders expand their business.
Vitai said the UNEP FI membership proves that GSB is committed to becoming a “social bank”. He said the bank will adjust its operations and missions in line with this commitment, which will have a concrete positive impact on society.
The bank’s second top priority will be conducting commercial business to make profits, which will be used to fund its social missions.
He added that the bank will enhance its financial strength and ensure sustainable growth by focusing on managing quality assets instead of just growing the quantity of assets.
