Doha Bank announced that its MSCI ESG rating has been upgraded from BB to BBB, a move the bank attributed to improved environmental, social and governance performance and greater transparency in its sustainability disclosures.
The bank said the upgrade also reflected progress made under its strategic transformation programme.
CEO LINKS RATING TO TRANSFORMATION DRIVE
Group Chief Executive Officer Sheikh Abdulrahman bin Fahad bin Faisal al-Thani linked the improved rating to the bank's institutional transformation, saying the upgrade underscored the success of the bank's ongoing institutional transformation efforts and reflected significant progress in strengthening its ESG practices and risk-management capabilities.
MSCI ESG Ratings assess companies on their exposure to and management of environmental, social and governance risks relative to industry peers, with ratings ranging from CCC to AAA. A move from BB to BBB is a one-notch upgrade on that scale.
UPGRADE FRAMED AROUND NATIONAL VISION
The chief executive linked the achievement to the bank's commitment to responsible banking and to sustainable growth in line with Qatar National Vision 2030, the state's long-term development strategy that includes targets for economic, social, human and environmental development.
Doha Bank pointed to greater transparency in its sustainability disclosures as one of the factors behind the improved rating.
The chief executive said the upgrade reinforced Doha Bank's position among leading regional financial institutions.
The bank said the upgrade supports its aim of creating long-term value for stakeholders through responsible banking.
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