Overview
Universal Capital Bank (UCB) is the first financial institution in Montenegro to initiate the development of a structured sustainability strategy aligned with the Central Bank of Montenegro’s Financial Sector Roadmap Toward Sustainable Finance. Sustineri Partners was engaged to support this effort, working closely with UCB’s executive leadership and internal teams to lay the foundation for an institution-wide approach to sustainability. The initiative marks a milestone for Montenegro’s banking sector, connecting regulatory direction with strategic business planning.
Challenge
Banks in the region are increasingly expected to address sustainability risks and opportunities in line with emerging regulatory frameworks and stakeholder expectations. In Montenegro, the Central Bank’s Financial Sector Roadmap Toward Sustainable Finance outlines a national direction for aligning the financial system with climate and sustainability goals. While momentum is growing, practical experience in implementing such strategies remains limited. UCB recognised the need to act early, going beyond compliance to define a tailored, forward-looking sustainability strategy grounded in its operating model, governance structures, and market context.
Approach
Sustineri Partners began by conducting a diagnostic assessment of UCB’s governance frameworks, policies, and operational practices, identifying strengths and gaps in sustainability readiness. This phase included a series of interviews, workshops, and internal document reviews to map the bank’s baseline.
A dedicated stakeholder engagement process helped define material sustainability topics relevant to UCB’s strategy and Montenegro’s regulatory context. For the first time in the country’s banking sector, the IFC Environmental and Social Management System (ESMS) was applied to evaluate environmental and social risks in a structured, internationally recognised manner.
Sustineri Partners facilitated a materiality assessment that incorporated input from key stakeholders, international frameworks, and regulatory expectations. The outcome was a set of priority sustainability themes and performance indicators, supported by internal training, custom tools, and advisory inputs to integrate sustainability across business development, governance, and risk functions.
Impact
UCB now has a clearly articulated sustainability strategy that aligns with the Central Bank’s Financial Sector Roadmap Toward Sustainable Finance and supports the bank’s long-term transformation. The process has strengthened UCB’s internal capacity, enhanced stakeholder engagement, and positioned the bank to meet future expectations around ESG data, disclosure, and sustainability ratings. As the first initiative of its kind in Montenegro’s banking sector, this project establishes a practical model for embedding sustainability into core business practices.
“Our collaboration with Sustineri Partners enabled us to take a strategic view of sustainable finance and to prepare in a structured way for the implementation of the CBCG Financial Sector Roadmap. Their expertise, dedication, and understanding of both the local and European context were instrumental in helping us define UCB’s sustainability priorities.”
— Miloš Pavlović, Chief Executive Officer, Universal Capital Bank
