Bank of America is to extend its CSR programmes to Europe, the Middle East and Africa.
The bank is creating a new senior post of CSR project officer to cover
the three regions. The appointee, who will be based in London, will
establish socially responsible programmes ‘under the broader framework
set out by the US’, where the bank concentrates its efforts on
charitable giving, community regeneration, volunteering and the
environment.
The work will begin in the UK, followed by the rest of Europe, Africa
and then Asia. Bank of America’s European division has its headquarters
in London and employs about 2600 people across the continent. Much of
its work is in investment banking and equity financing.
The bank hopes to introduce some of its programmes, such as its
Community Excellence Project, under which it works with local agencies
to regenerate run-down areas, in other parts of the world. However, it
acknowledges it will need to ‘translate’ American strategies in a
sympathetic way in different countries and find ‘local applications’
for most of them.
Phillip Rudolph, vice president of the Ethical Leadership Group,
described the bank’s work as ‘a very positive trend by global companies
to integrate their CSR efforts throughout their multinational
operations.
‘This means more than simply bolting on local philanthropic activity to
their local operations around the world: it also means taking care not
simply to assume that US initiatives will have resonance and relevance
in Europe, Middle East and African operations and culture,’ he added.
