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.
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References
Banco Real (2003) Sustainability Report 2002/2003 — Banco Real, Human and Economic Values, Together, Sào Paulo, September, http://www.bancoreal.com. br/sustentabilidade
Banco Real (2005) Sustainability Report 2003/2004 — Banco Real, Human and Economic Values, Together, São Paulo, May.
Banco Real (2007) Sustainability Report 2005/2006 — Banco Real, A New Bank for a New Society, São Paulo, April.
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© 2009 Leo Johnson and Christel Scholten
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Johnson, L., Scholten, C. (2009). Sustainable Banking: the Banco Real Model. In: de Bettignies, HC., Lépineux, F. (eds) Finance for a Better World. Palgrave Macmillan, London. https://doi.org/10.1057/9780230235755_6
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DOI: https://doi.org/10.1057/9780230235755_6
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-36212-7
Online ISBN: 978-0-230-23575-5
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