Bank of Shanghai

RATING

SECTOR

Banking

WEBSITE

CONTACT

International Business Department
168 Yin Cheng Road Central
Shanghai
200120

Tel: +86 21 6847 5888
Fax: +86 21 6847 6111
E-mail: info@bosc-hk.com

STOCK EXCHANGE

LISTING

  • World’s Best Bank 2020
  • #310 Global 2000, 2020

EMPLOYEES

10,459

CHIEF SUSTAINABILITY OFFICER

No CSO or equivalent role found.

AWARDS

  • 2018 Anti-fraud Excellent Practice Award of Bank Card Security Cooperation Committee
  • “Distinguished Contribution Award” for Works Related to City Commercial Bank
  • 2018 Best Targeted Poverty Alleviation Contribution Award in the Evaluation of Top 100 CSR Banks in China Banking Industry 
  • “2019 Innovative Inclusive Financial Services in Shanghai” in Shanghai Banking Industry Annual Award
  • 3rd Prize and Excellence Prize of Outstanding Achievement Award of 2019 Development Research of Banking Industry in China 
  • Five-star Outlets of Civilized and Standardized Service in Banking Industry in 2019 (3 outlets) 
  • 2018 Best Targeted Poverty Alleviation Contribution Award in the Evaluation of Top 100 CSR Banks in China Banking Industry 
  • 2019 Advanced Company for Cyber Security in Shanghai 
  • 2018 Advanced Collective Award for Combating Currency Counterfeit in Shanghai 
  • 2019 “Outstanding Performance Award” of Credit Fund for Small and Micro Enterprises in Pudong New District of Shanghai 
  • “2019 Shanghai Banking Institutional Contribution Award” in Shanghai Banking Industry Annual Award 
  • “2019 Innovative Inclusive Financial Services in Shanghai” in Shanghai Banking Industry Annual Award 
  • “2019 Outstanding Contribution Award for Inclusive Financial Services in Shanghai” in Shanghai Banking Industry Annual Award 
  • Outstanding Science and Technology Institution of 2018 
  • Best Private Wealth Philanthropic Services Award in China (2019)
  • Bank with Outstanding Competitiveness in Brand Building in 2019 and Top 10 Banks with Outstanding Competitiveness of the Year of 2019 
  • Advanced Bank for Financial Poverty Alleviation in 2019 
  • Tianji Prize for Pension Financial Service Bank of 2019
  • Best CSR Bank in 2019 and Most Promising Network Bank in 2019
  • Innovation Contribution Award 
  • “The Award for the Best CSR Listed Companies” on the Ninth Session of Reputation List of China Listed Companies 2019 
  • Trustworthy Bank of 2019 
  • Best Employer in Shanghai in 2019

CONTENT SOURCE

FURTHER READING

No relevant external articles found.

Report created by Ellie Weiss

Bank of Shanghai

SECTIONS :  Sustainability Targets    Evaluation  •  Key Points  •  Overview

Company Activity

Bank of Shanghai is a commercial bank that was founded in 1995 and is based in Shanghai, China. They provide services in savings, loans, wealth management, foreign exchange, treasury, and international banking. They work in the Wholesale Financial Business which provides financial products and services to corporations, government agencies, and financial institutions. The bank also works in the Retail Financial Business which provides financial products and services to individual customers.

Company Sustainability Activity

Bank of Shanghai has a strong emphasis on growth and development both within and outside of their business. The bank focuses on corporate governance plans as their basis for sustainability. 

In regards to supporting development projects, they have participated in the establishment of the G60 Science and Technology Corridor Fund. Other initiatives include: establishing a free trade joint innovation center together with strategic shareholders, setting up a technology and innovation financing laboratory, and building an ecosphere of technology and innovation financing services.

Their biggest public benefit plan is their Targeted Poverty Alleviation Plan. By carrying out the Central Committee of the Communist Party of China and the State Council policies, they target industrial poverty, educational poverty, social poverty, and financial poverty. The bank’s educational programs put an additional emphasis on literacy, teaching children and underprivileged communities how to read and write.

These projects are mostly carried out in the three poorest villages in Yanshan County. The bank’s staff goes into the remote villages to find root issues and urgent needs. After negotiations with authorities, they provide support to build infrastructure and industrial developments to help community farmers by creating a self-support mechanism. 

In 2019, the bank’s capital endowment was used for infrastructure improvement projects to help aid in housing, public health, and transportation. For instance, the bank helped dismantle dangerous houses and build toilets and livestock housing for the Ajao Village. Bank of Shanghai also built roads in the Luotaiyi Village as well as recreation rooms for villagers in the Aji Village.

The Bank of Shanghai makes its own financial services more accessible to the public by moving as much of its business online as possible. They also focused on poverty alleviation schemes by improving loan products, enhancing financing guidelines, increasing target credits, and giving preferential policies to increase efforts in financial poverty alleviation. 

In addition, the bank supports its surrounding community by donating to charities. They donated RMB20 million to support the fight against the COVID-19 pandemic through the Shanghai Charity Foundation to purchase urgently needed materials in Wuhan and to give insurance to frontline workers in Shanghai. They also financially support the research and development of drugs and vaccines for the pandemic. 

In regards to employee wellbeing, the bank provides a decent working environment through bonuses, social security contributions, medical insurance, work injury insurance, maternity insurance, and funding for housing.

Highlights

  • Emphasizes growth and development
  • Supported infrastructure projects by participating in the establishment of the G60 Science and Technology Corridor Fund
  • Established a free trade joint innovation center 
  • Set up a technology and innovation financing laboratory
  • Built an ecosphere of technology and innovation financing services
  • Targeted Poverty Alleviation Plan: supports education and poverty alleviation in remote villages
  • The bank’s capital endowment was used for infrastructure improvement projects to help aid in housing, public health, and transportation
  • Making their own services more accessible through digitization
  • Financially supporting research and development for drugs and vaccines for COVID-19
  • Donated RMB20 million to Shanghai Charity Foundation to purchase urgently needed materials in Wuhan and give insurance to frontline workers in Shanghai during the pandemic
  • Provides employee benefits such as insurance, maternity leave, and housing benefits

Targets

The company does not disclose this information.

Progress

The company does not disclose this information.

Certificates

Bank of Shanghai has no sustainbaility-related certificates.

UN Sustainable Development Goals

UN SDGs Compliance

Bank of Shanghai does not clearly align with specific Sustainable Development Goals. Therefore, the Impakter Index team aligns current company-wide sustainability initiatives with the UN Sustainable Development Goals in the following section.

SDG 1: No Poverty

  • Carried out the Central Committee of the Communist Party of China and the State Council policies to target poverty and created an alleviation plan to address industrial poverty, targeted poverty, educational poverty, social poverty, and financial poverty
  • Created a closed loop of production and sales in agriculture to further strengthen small villages in China
  • In 2019, the bank’s capital endowment was used for infrastructure improvement projects to help aid in housing, public health, and transportation
    • Specifically, they went into Ajao Village and reinforced houses, dismantled dangerous houses, built toilets and livestock housing

SDG 3: Good Health and Well-Being

  • Donated RMB 20 million to support the fights against the pandemic through the Shanghai Charity Foundation to purchase urgently needed materials in Wuhan and give insurance to frontline workers in Shanghai
  • Financially supported the R&D of drugs and vaccines for COVID-19
  • Provides medical insurance for their employees
  • Some of the bank’s capital endowment was used for public health projects for surrounding villages

SDG 4: Quality Education

  • As part of their poverty alleviation plans, they focus on teaching the children in the villages how to read and write

SDG 8: Decent Work and Economic Growth

  • Raised awareness of consumption for economic growth

SDG 9: Industry, Innovation and Infrastructure

  • Participated in the establishment of the G60 Science and Technology Corridor Fund
  • Set up a technology and innovation financing laboratory
  • Built an ecosphere of technology and innovation financing services

SDG 11: Sustainable Cities and Communities

  • Currently putting as much of their banking systems and services completely online, making their services more environmentally friendly and accessible

SDG 12: Responsible Consumption and Production

  • They are reducing their resource use by digitizing many of their services

SDG 16: Peace, Justice and Strong Institutions

  • Enhanced information disclosure and investor relations management
  • Improved information transparency and established a proactive feedback and response mechanism for market concerns 

Evaluation

Bank of Shanghai supports the growth of their company and of the wider community. However, the Bank of Shanghai has little to no regard for its environmental impacts. They have extensive annual reports, but no mention of any sustainability-related activity. They do not report their progress, current effects, or any targets or plans for sustainability-focused initiatives. 

Their efforts in raising awareness about the consequences of overconsumption due to economic growth comes across as hypocritical. All of their projects focus solely on economic growth and development, and they have no plans for lowering their environmental impact. 

Bank of Shanghai also has no certifications and no awards or listing related to environmental sustainability; hence, lowering their credibility. In addition, as a large corporation, having no chief sustainability officer and not directly aligning their efforts with the UN SDGs shows a lack of effort to align their goals with the Paris Agreement. 

Therefore, the company has been rated a D.

Analyst Outlook: Neutral

The Bank of Shanghai would benefit from disclosing and implementing future goals, targets, and disclosing any past progress reports.

 

Key Points

    • Supports development-based projects in their community 
    • Works to make their own services more accessible to the public
    • Raises awareness about the consequences of overconsumption due to economic growth
    • Targeted Poverty Alleviation Plan
    • Financially supporting pandemic relief and vaccine development efforts
    • Creates decent work through employee benefits
    • No targets, plans, or progress reporting
    • No certifications or environmentally related awards and listing
    • No Chief Sustainability Officer
    • Does not directly align their efforts with the UN SDGs
    • Zero environmentally focused initiatives or acknowledgment of their environmental impacts
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