Philanthropy in the Financial Sector: An International Commitment to the Welfare of Society

In a world marked by uncertainty and global crises, where social, economic, and environmental challenges intertwine in a complex web, the role of philanthropy becomes particularly relevant in financing and promoting projects that generate a positive impact on society. International collaboration and cooperation emerge as powerful tools to build a fairer and more equitable future, empowering individuals and communities to face the challenges of the present and future. Spain ranks among the top 10 countries in the number of foundations, with over 10,500 active according to the AEF, and stands third in resources invested, with over 9.4 billion euros, according to the study The Global Philanthropy Report: Perspectives on the Global Foundation Sector, prepared by Harvard University.

In this context, we find various public institutions as well as private associations and entities that embrace philanthropy as an integral part of their corporate culture. One of the sectors that has taken a leading role as a lever for change through philanthropic actions is the financial sector.

Based on this premise, large institutions within the banking industry have committed for years to being active participants in this change. One of them is the World Savings and Retail Banking Institute (WSBI), founded a hundred years ago. The entities associated with WSBI, including CECA (the association representing CaixaBank, Kutxabank, Cajasur Banco, ABANCA, Unicaja, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença, Cecabank, and over thirty foundations), allocate an annual sum of 3.5 billion dollars to social initiatives worldwide. However, their conception of international philanthropy goes beyond the mere transfer of financial resources. From a holistic perspective, the institution recognizes the need to embrace a unified global commitment to respond to societal challenges. This commitment underpins the principles of WSBI – known as the model of the 3Rs: responsible, retail, and rooted in the territories in which they operate – which have historically guided WSBI entities. In parallel, the institution promotes synergies, dialogue, collaboration, and knowledge exchange with the aim of addressing global challenges with flexible and adaptable solutions to the realities of each territory.

One of WSBI’s latest measures in philanthropy has been the establishment of the Social and Philanthropic Council (SPC), an initiative chaired by Isidro Fainé, president of WSBI, CECA, and the “la Caixa” Foundation, and Forbes Philanthropy Award recipient in 2018, which sets out a roadmap for its associated institutions aimed at their commitment to social investment and philanthropy.

Created in December 2023 in Marrakech, its purpose is to be a catalyst for innovative solutions to promote social change from the perspective of principles rooted in the DNA of savings and retail banking: social investment and contributions to philanthropic projects.

From a privileged position, and supported by a global network of financial entities operating under the WSBI umbrella, the SPC provides a space for exchanging experiences and good practices in Social Work, channeling the necessary funding and support to launch philanthropic projects that not only address immediate needs, such as the social and economic gap or access to educational services but also lay the groundwork for sustainable and equitable long-term growth.

The work of this Council covers six key areas, outlined in the Bangkok Declaration issued during its first meeting on April 19: support for youth, poverty reduction, educational advancement, empowerment of women, care for the elderly, and environmental sustainability.

In this global framework, the Social Work of the CECA sector stands out as an exemplary model of philanthropy. Leading the field of private social investment in Spain, the Social Work has become a fundamental pillar for promoting welfare, financing projects in key areas such as education, culture, research, employment and entrepreneurship, or social action.

With the mission of contributing to the development of good banking for clients and good banking for society, since 2014, the associated entities have invested over 7.8 billion euros, allocated to 930,000 activities that have reached more than 31 million beneficiaries annually. The capacity of CECA sector entities to adapt to the changing needs of Spanish society and their focus on sustainability and long-term impact positions them as a benchmark to follow.