Banco Bradesco

RATING

SECTOR

Banking

WEBSITE

CONTACT

Banco Bradesco S.A.
Cidade de Deus, Prédio Novo
06029-900 Osasco,
São Paulo State, Brazil

Tel: +55(11) 36-84-3311
Fax: +55(11) 36-84-4570
E-mail: sac@bradesco.com.br

STOCK EXCHANGE

LISTING

EMPLOYEES

108,793

CHIEF SUSTAINABILITY OFFICER

No CSO or equivalent mentioned or found.

AWARDS

  • Racial Equality Award promoted by Instituto ID_BR and GPTW
  • National Quality of Life Award (PNQV) in 2020, with Gold Certification and Excellence in Management

CONTENT SOURCE

FURTHER READING

Report created by Sonria Willis

Banco Bradesco

SECTIONS :  Sustainability  •  Targets    Evaluation  •  Key Points  •  Overview

Company Activity

Banco Bradesco S.A. is a commercial bank headquartered in São Paulo, Brazil. The Bank offers a range of banking and financial products and services in Brazil and abroad to individuals, large, mid-sized and small companies, and local and international corporations and institutions. Its segments include financial, insurance and capitalization bonds and pension plans among others. 

Internationally, Bradesco has one branch in New York, two branches in Grand Cayman, and banking and financial subsidiaries or affiliates in London, Luxembourg, Hong Kong, Buenos Aires, Grand Cayman, Tokyo and Mexico

Banco Bradesco is constantly expanding and has recently acquired Banco do Estado do Maranhão, Banco Mercantil de São Paulo, Banco Ibi S.A., and the Brazilian operations of Banco Bilbao Vizcaya Argentaria.

Company Sustainability Activity

Banco Bradesco’s Sustainability Strategy covers six pillars, all aligned with the United Nations’ Sustainable Development Goals: Diversity, Social Investments, Climate Change, Customer Relationship, Sustainable Business, Innovation.

The bank states in its report that all of its projects account for energy efficiency — focusing on water management, energy management, and waste management. Its report states that 100% of Bradesco’s operation waste in São Paulo is disposed of in a sustainable manner (amounting to 30% of the organization’s total waste).

Banco Bradesco has begun to focus on green finance and has made an initial issue of Bradeso ESG bonds.

Banco Bradesco adheres to the following guidelines, methodologies and frameworks:

Highlights

Green Finance

Water Management

  • Installed a new drinking water reservoir in Cidade de Deus in 2020
  • Started initiative designed to educate employees on awareness of best practices for conscious water consumption, including in their homes
  • Reduced the level of water tanks in their buildings

Energy Management

  • Doing monthly monitors of each business unit, implementing annual goals and ranking most efficient units to encourage in-house initiatives
  • Made an investment of approximately R$16 million in energy efficiency projects, including building automation, replacing fluorescent lamps with LEDs as well as other outdated fixtures with more efficient equipment
  • Outsourced four solar farms during the year to supply electricity to 137 branches in São Paulo

Waste Management

  • Completed rolling out of selective collection at 524 branches in Greater São Paulo and all administrative buildings nationwide
  • Structured Solid and Technological Waste Management Plan in an effort to continuously improve the waste data each year
  • Introduced Aterro Zero project in 2020 which allowed 100% of all the waste generated by São Paulo operations to be disposed of in a sustainable manner — as a result 30% of the total amount of waste generated by the organization will no longer be sent to landfills

Targets

  • Achieve 100% renewable energy sourcing in operations
  • Dispose 100% of waste from all branches in a sustainable manner

Progress

  • As of 2020, 100% of its operations are powered by renewable energy
  • 30% of waste form organization is disposed of in a sustainable manner

Certificates

The bank does not disclose this information.

UN Sustainable Development Goals

UN SDGs Compliance

SDG 4: Quality Education

  • Giving financial literacy courses to local communities in the Amazon

SDG 5: Gender Equality

  • Measuring and ensuring diversity among workforce and clients

SDG 6: Clean Water and Sanitation

  • Installed a new drinking water reservoir in Cidade de Deus in 2020
  • Started initiative designed to educate employees on awareness of best practices for conscious water consumption, including in their homes
  • Reduced the level of water tanks in their buildings

SDG 7: Affordable and Clean Energy

  • As of 2020, 100% of its operations are powered by renewable energy
  • Doing monthly monitors of each business unit, implementing annual goals and ranking most efficient units to encourage in-house initiatives
  • Made an investment of approximately R$16 million in energy efficiency projects, including building automation, replacing fluorescent lamps with LEDs as well as other outdated fixtures with more efficient equipment
  • Outsourced four solar farms during the year to supply electricity to 137 branches in São Paulo

SDG 8: Decent Work and Economic Growth

  • Supporting clients in the transition to a more sustainable economy

SDG 9: Industry, Innovation and Infrastructure

  • Proposing innovative tools and infrastructure to promote sustainability within the company

SDG 10: Reduced Inequalities

  • Helping low income households obtain loans through education and advisory services

SDG 12: Responsible Consumption and Production

SDG 13: Climate Action

  • Completed rolling out of selective collection at 524 branches in Greater São Paulo and all administrative buildings nationwide
  • Structured Solid and Technological Waste Management Plan in an effort to continuously improve the waste data each year
  • Introduced Aterro Zero project in 2020 which allowed 100% of all the waste generated by São Paulo operations to be disposed of in a sustainable manner — as a result 30% of the total amount of waste generated by the organization will no longer be sent to landfills
 

Evaluation

Banco Bradesco is very adamant on following sustainability guidelines, methodologies and frameworks, adhering to numerous national and international standards (see Company Sustainability Activity section). Moreover, the bank aligns its practices with UNSDGs; however, some of these claims lack precision. 

The bank has made important efforts to reduce its carbon footprint and states that it is 100% reliant on renewable energies as of 2020. However, it has no certificate or data to prove so. 

Bradesco has managed to significantly reduce waste mismanagement in the company’s operations through sustainable means of waste disposal — specifically in its São Paulo operations. 

Banco Bradesco also states it is in support of green finance, although not fully explained in their report, the company has promoted green finance initiatives by the introduction of ESG bonds, for instance.

The company appears in several reputable listings. However, it does not mention earning any certificate or label. And while it has won awards for racial equity and ethical management, there is no mention of any award in environmental sustainability.

Despite Banco Bradesco’s success in its current initiatives, the bank’s targets and progress are minimal. While it seems that the bank is sustainable, its initiatives indicate that the firm is on the road to sustainability and mediocre at best.

Banco Bradesco has been rated a C.

Analyst Outlook: Positive

In addition to Banco Bradesco’s efforts in promoting sustainable practices within the bank, Banco Bradesco is clearly interested in improving sustainable practices on a local (São Paulo) and national level.

Some examples of initiatives include educating local communities on financial literacy or funding a new drinking reservoir in the city. Its most notable project is the Amazon Plan which the S&P 500 has accredited them for in an article. Although progress for the project has not been recorded yet, Banco Bradesco, as well as the other banks it is partnering with (Itaú Unibanco and Santander) have begun to establish committees for the development of the plan.

 

Key Points

Prioritized the following four measures in Amazon Plan (partnership with banks Itaú Unibanco and Santander):

  • Meatpacking industry and deforestation: working towards zero deforestation in the meatpacking sector by supporting companies in the transition
  • Sustainable chains: financial and non-financial support for sustainable crops 
  • Property regularization: conduct studies with experts to understand the obstacles and ways to contribute to land regularization efforts in the region
  • Bioeconomy: invest and attract investments in research and development to scale exploitation of the Amazon by identifying forest chains and assets that have short, medium and long-term market potential
  • Banco Bradesco is beginning to set up a committee of experts in environmental and social issues in the Amazon
    • Progress will be analyzed at the end of 2021
Share this Post