Vasily Vysokov, Chairman of the Supervisory Board of the Bank Center-invest, Professor, Doctor of Economics, published a new book «Value-Based Banking: made in Russia» which analyses value-based regional banking and its role in the Russian banking system and economic development of the regions.
In his book Professor Vysokov discusses an important thesis for the modern banking development: Russia’s economic growth is driven by regional economies, in which regional banks have a key role. Sustainable regional banks have effectively adapted their specific business model to the new conditions and contributed to the rapid transformation of their clients’ businesses.
Drawing on his own managerial experience, the author demonstrates that a regional bank’s mission is to adapt global best practices to the local context to achieve global goals, develop regional financial infrastructure and address the challenges, which the regional economy is facing.
«A regional bank is a special path of creative development of banking in conditions of excessive regulation, governmentalisation and monopolisation, driven by the search for responses to the constant challenges in the face of continuous crises,» pointed out Professor Vysokov.
The book proves that the main objective of ESG banking for a regional bank is to develop sovereignty, including technological sovereignty, based on the creative search for new optimal solutions to build a planning horison and, at the same time, to find innovative new tools to adapt to new challenges. Profound, evidence-based conclusions are illustrated by the operational practice of a major Russian regional bank — Center-invest Bank.
Center-invest Bank is one of the largest regional banks in Russia, which successfully implements a sustainable banking business model, combining the global Sustainable Development Goals and priorities of the Russian National Projects. To date, Center-invest Bank has invested RUB 447.5 billion in the Sustainable Development Goals and RUB 394.9 billion in the National Projects.
The bank has been a member of the Global Alliance for Banking on Values (GABV) since 2019. The Global Alliance for Banking on Values is an international network of frontrunner organisations and leaders in the banking industry that use finance to serve people and the planet. Its collective goal is to make the banking system more transparent and support positive economic, social and environmental change. GABV: 70+members from 45+ countries 6 continent, collectively serve 60 million customers, hold over USD 200 billion of combined assets under management, and are supported by 80,000 co-workers.