Sustainable Banking: the Banco Real Model

Leo Johnson and Christel Scholten

Chapter 6 in Finance for a Better World, 2009, pp 91-117 from Palgrave Macmillan

Abstract: Abstract From the outset, with the acquisition of Banco Real in 1998, Banco Real’s President, Fabio C. Barbosa, laid down a challenge — the organization needed to create a “new bank for a new society,” integrating social, environmental and economic dimensions into all aspects of the business. Despite ranking tenth in 20061 in terms of GDP, Brazil, a country with a population of 184 million,2 ranks seventieth3 on the Human Development Index (HDI) and 116th4 on the UN Gini Index, an income inequality metric. In terms of the environment, Brazil is losing significant amounts of its forests to deforestation each year and faces mounting issues around air, soil and water pollution. In Barbosa’s words, “We need to influence capitalism to become more humane and inclusive.” In 2000 Barbosa laid out a formal vision for the organization: The Brazilian market and society are evolving and require a new role for banks. Banks should act as facilitators of a society that is economically efficient, socially just, politically democratic and environmentally sustainable. We desire this change and aim to be one of the leaders of this transition in the market and in society.

Keywords: Human Development Index; Socially Responsible Invest; Private Equity; Core Business; Sustainability Report (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23575-5_6

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DOI: 10.1057/9780230235755_6

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