We approach Sustainable Development and Corporate Social Responsibility with a clear vision and strategy:
- By participating in International Institutions and Initiatives
- By participating in ESG Indices
- By implementing International Standards
Sustainable growth is our goal
Per our commitment to enhancing Corporate Governance and Sustainable Development, we participate in several national and international bodies, associations and organizations which aim to promote sustainability matters, such as UNEP FI and UN Global Compact. In parallel, we actively engage in a series of actions and initiatives that are fully aligned with our Policies regarding society and the environment.
1) Participation in International Institutions and Initiatives
UN Global Compact
Since June 2018, we have acquired “Participant” status in the UN Global Compact, the United Nations voluntary initiative in which thousands of companies from 150 countries participate. The UN Global Compact is a non-binding, operating and policy-making framework, pursuant to which the participants are called to align themselves with the 10 globally accepted principles in the fields of human rights, working conditions, environment, anti-corruption, as well as with the 17 Sustainable Development Goals (SDGs). At NBG, we have a high sense of Corporate Social Responsibility, having long stood by these principles, while today we are focusing even more intensely on the integration of the SDGs into our strategy and culture.
United Nations Environment Program Finance Initiative (UNEP FI)
Since September 2020, NBG has been a Signatory of the global Principles for Responsible Banking, a framework developed through the partnership between the United Nations Environment Program Finance Initiative (UNEP FI) and a significant number of banks across the globe, aiming to strengthen Sustainability.
Mr. Pavlos Mylonas, NBG’s CEO, has stated: “We are proud that NBG endorses the UNEP FI Principles for Responsible Banking in the context of the United Nations Environment Program. NBG, throughout its long history, dating back to 1841, has successfully addressed the challenges of the future. And today, CSR has become a pivotal part of our strategy. We are constantly taking new initiatives to invest in a sustainable future and create long-term value”.
Net-Zero Banking Alliance (NZBA)
Acknowledging the importance of the financial system’s role in accelerating the transition to a low-carbon footprint world, NBG has established and committed to a set of interim emissions reduction targets for 2030 in six selected sectors/portfolios with a significant carbon footprint, following UNEP FI's Guidelines for Climate Target Setting for Banks. Doing so, NBG declared its intention to align financing and investment portfolios with achieving net-zero greenhouse gas emissions by 2050 or earlier, as expressed by the goals of the Paris Climate Agreement.
Since declaring these targets in 3Q.2023, NBG is in the process of monitoring the transition of the respective portfolios, alongside its overall carbon accounting which is based on the PCAF methodology.
Partnership for Carbon Accounting Financials (PCAF)
In 2023, NBG joined PCAF (Partnership for Carbon Accounting Financials), a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions related to their loan portfolios and investments. By using the PCAF accounting standard, NBG strengthens transparency and accountability of its GHG emissions disclosures, and the progress achieved to align its portfolios with the goals of the Paris Climate Agreement.
Hellenic Bank Association (HBA)
National Bank of Greece is one of the core members of the Hellenic Bank Association, the representative of the vast majority of all Greek and foreign credit institutions operating in Greece, with active participation in a series of committees and inter-bank initiatives.
The Hellenic Bank Association and its member banks work closely with all market stakeholders to promote the UN Sustainable Development Goals (SDGs).
Hellenic Network for Corporate Social Responsibility (CSR HELLAS)
Since December 2008, NBG has been a core member of the Hellenic Network for Corporate Social Responsibility, a network of companies whose main mission is the comprehensive integration of the principles of sustainability and responsible entrepreneurship into corporate strategy, governance and administration. CSR Hellas was founded in 1999 and is the national representative of the European Network for Corporate Social Responsibility (CSR Europe).
Greek Sustainability Code
NBG participates in the Greek Sustainability Code as a Sustainability Ambassador. The Code constitutes an official framework for reporting non-financial data according to the EU and national legislation and is aligned with the European Sustainability Code, thus providing added value to the participating companies. It offers a structured system with regards to the transparency and commitment of businesses to Sustainable Development and Responsible Entrepreneurship, providing guidelines on how to incorporate such principles in business operations.
2) Participation in ESG Indices
Carbon Disclosure Project (CDP)
We have been disclosing data and information regarding our strategy, policies, objectives and actions in the areas of Sustainability and climate change in the CDP platform since 2007.
CDP is a global non-profit organization to which companies from different sectors submit ESG data to demonstrate their level of maturity regarding the environmental risks they are facing and the investment opportunities they expect from environmental change. Notably, asset management firms and institutional investors, who seek to integrate ESG factors in their investment decisions, include CDP data in their assessment process.
MSCI ESG ratings
National Bank of Greece is annually assessed by MSCI (Morgan Stanley Capital International) and specifically by the MSCI ESG Ratings, highlighting its significant level of managing the financial risks and opportunities stemming from ESG matters, as well as its resilience in the continuously changing ESG environment, while being compared with other assessed financial institutions on a global scale.
Institutional Shareholder Services (ISS)
NBG is assessed by ISS Sustainability Solutions, the sustainable investment arm of ISS STOXX group, in terms of the quality and completeness of its disclosures on the pillars of Environment, Society and Governance.
In this context, we disclose data and information on different ESG-related areas, such as respect for labor rights, health and safety, the structure and responsibilities of the Board of Directors, our shareholders’ rights, and the Bank's environmental targets.
Sustainalytics
Through its participation in the Morningstar/Sustainalytics comprehensive ESG Research Assessment and Ranking Process, National Bank is assessed for its performance in managing risks related to various ESG areas (e.g. Corporate Governance, Data Protection).
This assessment focuses on a company’s exposure to a range of potential ESG risks and the methods used to manage them, thus providing clear information to stakeholders on the extent of the company’s unmanaged material ESG risks.
S&P Global Corporate Sustainability Assessment (CSA)
National Bank of Greece participates in this assessment by S&P completing the relevant CSA questionnaire and providing the necessary accompanying documents (e.g. reports, policies, regulations) on an annual basis. Through this process it highlights its significant performance in the management of ESG-related risks, opportunities and impacts, as well as in the sustainability practices it follows in a series of areas, including environmental strategy and respect for human rights.
Sustainable Fitch
National Bank of Greece is assessed by Sustainable Fitch, the specialized arm of the internationally recognized ratings company Fitch on sustainability issues, providing qualitative and quantitative data on ESG-related topics. Thereby, NBG supports its strong ESG commitment in terms of its responsible business practices, effective risk management and pursuit of long-term Sustainability.
Bloomberg Gender-Equality Index
National Bank of Greece is included in the Bloomberg Gender Equality Index (GEI), being evaluated in areas such as its policies on gender equality issues, avoidance of any kind of discrimination, as well as its corporate culture that is distinguished by the equitable and equal opportunity work environment it offers. Participation in the Bloomberg GEI comes as another confirmation and result of the Bank’s commitment to its strong Corporate Social Responsibility (CSR) agenda, which is directly linked to the UN Development Goals (SDGs).
FTSE4Good
National Bank of Greece has been included in the FTSE4Good Index Series since 2014, demonstrating its strong commitment to Sustainable Development.
The Bank is assessed for its performance in the areas of Environment, Society and Governance (ESG), and specifically in topics aligned with the UN Sustainable Development Goals (SDGs), such as climate change, labour standards, human rights, corporate governance and anti-corruption.
ATHEX ESG Index
National Bank of Greece participates and is evaluated in the ATHEX ESG Index, an index created in 2021 by the Athens Stock Exchange for ASE listed companies, aiming to monitor the level of their transparency on selected key ESG areas, and to direct investors to companies that publicly acknowledge and are committed to honour their ESG responsibilities.
3) International Standards
Corporate Sustainability Reporting
In accordance with the relevant EU Directive (CSRD), the NBG Group prepares and discloses annually its Sustainability Statement, based on the European Sustainability Reporting Standards (ESRS).
NBG’s Sustainability Statement includes all sustainability matters stemming from the application of the Double Materiality Assessment. This method evaluates both the impacts from NBG Group’s activities on people and the environment (inside-out view), as well as how sustainability matters can pose risks and opportunities to the Group’s financial position across various time horizons (outside-in view).
The Sustainability Report assists all Group’s stakeholders, such as its customers and investors, various Regulatory Authorities, and society to comprehend the actions taken and evaluate the performance of the NBG Group regarding Sustainability.
Management Systems (ISO)
In the context of NBG's compliance with international best practices and standards, the Bank has successfully completed the certifications processes described below:
- In 2025, following an audit from the independent inspection organization TÜV AUSTRIA Hellas, the Bank received a certification for the following four standards and systems:
- The Compliance Management System (ISO 37301: 2021), a standard that provides the necessary specifications for the development and implementation of an integrated Compliance Management System.
- The Organization Governance System (ISO 37000:2021), which focuses on the implementation of governance principles within an organization.
- The Anti-Bribery Management System (ISO 37001:2016), which provides the requirements for the implementation, maintenance and improvement of an anti-bribery system in an organization.
- The Quality Management System (ISO 9001:2015), which provides a framework for organizations to consistently deliver services that meet customer needs, focusing on efficiency, risk management, and continuous improvement through principles such as customer focus and leadership.
- In 2023, the Bank completed the certification process of its premises, by the international standard ISO 50001:2018 by the certification organization Eurocert. This ISO is a key tool for the Bank to achieve its targets for the reduction of GHG emissions and contributes to the development of environmentally responsible actions and services, such as the reduction of energy consumption and the use of Renewable Energy Sources. The ISO 50001:2018 certification is closely related to the implementation of laws and initiatives, such as the Greek Climate Law (Greek Law 4936/2022), and contributes to the Bank’s adaptation to the increasing demand for sustainable and responsible operations.