CSR strategies in banks. Case study: Erste Group

• Main Author: G L Frecea
• Format: Article
• Language: English
• Published: Naval Academy Press 2019-06-01
• Series: Scientific Bulletin of Naval Academy
• Online Access: https://www.anmb.ro/buletinstiintific/buletine/2019_Issue1/04_FAR/46.pdf

Starting from the major change of the banks’ current status into the economy, which is primarily marked by the systematic concern for the contribution to the common good, this paper proposes an insight in the corporate social responsibility (CSR) strategy of the leading financial group on the Romanian market: Erste Group. Unlike Banca Comercială Română (BCR), Erste Group proves an assumed involvement in the CSR process, deeply connected to the organizational structure and introducing the term sustainability as a corollary of environmental themes, diversity, community involvement, and corporate volunteering. The case study demonstrates the group's influence on the CSR strategy of BCR by creating sustainable value for the community. The comparative analysis highlights a significant influence of the CSR practices in the educational field developed by BCR through Erste Group. The parent-group contributes with a unitary vision to the CSR mechanism, being connected to the realities of the socio-cultural context in the Central and Eastern Europe. The present paper creates the basis for a complete understanding of the main factors underlying the CSR construction in Romania, pointing out the reporting differences, the benefits, and the limits of this approach.