Using B Corp certification and ESG strategy development in tandem, we helped define Crown Agents Bank’s sustainability programme.
Crown Agents Bank (CAB) is a leading provider of FX and payments in frontier and emerging markets. They work with governments, development organizations and financial services businesses to move money where it’s needed most. They are fully owned by private equity firm Helios who recognised that B Corp certification could help CAB demonstrate the positive impact they are having and ensure that it continues.
Developing the ESG strategy alongside the B Corp certification process clarified where the bank should focus its sustainability efforts. Crown Agents Bank are now clear on the impact they wish to have and how it is aligned with the Sustainable Development Goals and their business strategy.
Crown Agents Bank has an impressive track record of moving money to developing countries and increasing access to finance for under-served communities. To make the most of this market opportunity, CAB needed to demonstrate their positive impact and aiming for B Corp certification could help achieve this.
CAB is involved in initiatives such as the UN Global Compact and the Women in Finance Charter as well as holding ambitions to contribute to the UN Sustainable Development Goals. There was a lack of clarity internally about where and how the bank should focus its efforts for maximum impact. An ESG strategy was needed to clarify how the pieces fit together.
How We Helped
Junxion recognised the synergy in conducting the B Corp certification and strategy development in parallel. We used the B Impact Assessment and B Corp certification process to inform a comprehensive ESG strategy.
We gained a deep understanding of the business through research, interviews, workshops with employees/stakeholders and challenging conversations about the most material topics to address. The strategy development process provided insight and evidence as to what was going well and where the bank needed to do more.
The resulting ESG strategy integrates key learnings from B Corp and dovetails with overall corporate strategy. It offers tangible actions that CAB can take now with improvement targets set for 2025.
The ESG strategy was positively received by senior management. It has been granted Board approval and actions are already being taken to implement it. Work is also underway to establish the targets and metrics needed to measure impact. Crown Agents Bank has submitted for B Corp certification.