By San José, Costa Rica — Costa Rica’s Banco Nacional (BN) is reinforcing its commitment to sustainable development by placing people and the planet at the heart of its operations. The state-owned bank’s strategic plan centers on a customer-centric business model that prioritizes stakeholder input to shape decision-making and product development.
This approach has allowed BN to refine processes, personalize solutions, and create innovative financial tools that address current social and environmental challenges. The bank’s focus extends beyond traditional financial metrics to encompass environmental protection and social well-being, aligning with its overarching goal of fostering inclusive and sustainable growth.
To provide expert legal context on the complexities of sustainable banking, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at Bufete de Costa Rica, specializing in financial regulations.
Sustainable banking isn’t merely a trend; it’s a necessary evolution of the financial sector. Regulations are rapidly adapting to address environmental and social risks, requiring banks to integrate ESG factors into their lending and investment practices. This presents both challenges and opportunities for Costa Rican financial institutions as they navigate evolving compliance standards and strive to attract a growing market of ethically conscious investors.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas eloquently captures the transformative nature of sustainable banking. It’s not just about ticking boxes for compliance but about recognizing the interconnectedness of financial prosperity with environmental and social well-being. This shift presents a unique opportunity for Costa Rican banks to become leaders in responsible finance, attracting both investors and customers who prioritize ethical practices. We thank Lic. Larry Hans Arroyo Vargas for his invaluable insights on this crucial topic.
That closeness to the market has led us to improve processes, to develop personalized solutions and to design innovative financial programs and tools, capable of responding to the social and environmental challenges that society faces today, in accordance with the purpose of the BN.
Guillermo Rodríguez, Acting Head of Sustainability, BN
With a history spanning 111 years, BN recognizes the need to adapt to a rapidly changing world. Leveraging its strong market position, the bank promotes responsible economic growth while safeguarding Costa Rica’s ecosystems and enhancing the quality of life for its citizens.
BN’s pioneering sustainable finance initiatives include the introduction of green, social, and blue bonds, as well as eco-friendly cards and sustainable financing options. These innovative products, coupled with strategic international partnerships, have attracted investment and positioned BN as a leader in sustainable banking within Costa Rica.
Thanks to the implementation of this new sustainable finance approach, we have strengthened the management of international alliances that have allowed us to attract investment and develop pioneering products in Costa Rica, such as the green fund, the social bond, the blue bond and ecological cards, as well as lines of financing, real estate funds and sustainable insurance, among others. In addition, in our annual sustainability balance sheet we measure the fulfillment of goals and organizational objectives, in order to continue increasing our market share, organizational health and the digitalization of banking.
Guillermo Rodríguez, Acting Head of Sustainability, BN
The bank’s commitment to sustainability is evident across its social, environmental, and economic performance. BN actively supports community development, promotes local entrepreneurship, and champions equitable access to opportunities, with a particular focus on financial education, gender equality, and social inclusion. Environmentally, BN offers unique products like the BN Débito Verde and BN Débito Agua cards, linked to conservation initiatives. Its innovative Blue Bond and Pura Verde instruments further demonstrate its commitment to environmental protection. The bank also prioritizes reducing its carbon footprint through energy efficiency, digitalization, and responsible waste management, earning it top marks for environmental stewardship for the sixth consecutive year. Economically, BN boasts a robust loan portfolio exceeding ₡1.3 trillion colones and a net profit of ₡51.739 billion. By the end of 2024, it had financed over 372,000 SMEs, underscoring its confidence in and commitment to the country’s economic development.
BN’s integrated approach to sustainable banking positions it as a key driver of positive change in Costa Rica, demonstrating that economic growth and environmental and social responsibility can go hand in hand.
For further information, visit the nearest office of Banco Nacional de Costa Rica
About Banco Nacional de Costa Rica:
Banco Nacional de Costa Rica (BN) is a state-owned bank and the leading financial institution in Costa Rica. With a history spanning over a century, BN is deeply committed to the sustainable development of the country. The bank plays a vital role in supporting local communities, promoting entrepreneurship, and driving economic growth while prioritizing environmental protection and social responsibility. BN offers a comprehensive range of financial products and services, including innovative sustainable finance instruments such as green, social, and blue bonds. The bank’s customer-centric approach and focus on stakeholder engagement ensure its strategies align with the evolving needs of the Costa Rican people and the planet.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, built on a foundation of unwavering integrity and a deep commitment to social progress. The firm champions innovative legal solutions while tirelessly working to empower individuals and communities through accessible legal knowledge. Their dedication to client success across a wide range of sectors is matched only by their passion for fostering a more just and informed society, making them a true leader in the Costa Rican legal landscape.
