OTP BANK adopts best European practices in ESG implementation – M. Oliinyk
OTP BANK JSC actively integrates environmental and social aspects into all its operations, aligning with the best European practices and standards. ESG manager Maksym Oliinyk shared this during a webinar organized by ASDE, dedicated to the impact of ESG factors on business.
«OTP BANK has been systematically and methodically working in this area for several years. Our priority is to strengthen and improve ESG governance processes. The Bank is building a cross-sectoral system based on the standards of the World Bank, the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and other organizations. We have carefully studied their approaches and are gradually implementing only the best practices in our activities, which helps us advance toward sustainable development», - said M. Oliinyk.
Companies in the European Union that aim for growth and expansion must incorporate ESG principles into their strategies and transparently showcase their progress. Starting in 2025, more than 50,000 businesses in the EU and around 10,000 companies outside the bloc, including in Ukraine, will report their ESG indicators for 2024 under ESRS standards. These reports will undergo separate non-financial audits. This year, OTP Group is conducting an audit of non-financial data presented annually in its Integrated Report. As part of the Group, OTP BANK also adheres to ESRS standards and undergoes audits, making transparent ESG reporting mandatory for the company.
At the same time, the Bank’s ESG manager advises against viewing environmental and social standards as a burden on businesses but rather as additional opportunities for growth. «At OTP BANK, we see this process exactly that way because it not only helps refine our policies and procedures but also opens doors for cooperation with international organizations, participation in grant programs, favorable partnership conditions, and further business growth», - added Maksym Oliinyk.
To remind, the Entrepreneurship Development Fund has concluded, based on a comprehensive assessment, that OTP BANK`s environmental and social management system complies with World Bank standards.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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