Alliance Bank’s (ABMB) ESG framework could be better defined, but that it is principally a retail bank does reduce overall ESG risks, in our view. We deem the services extended by ABMB to SMEs to be critical, particularly from a Social perspective. We maintain a BUY with a TP of MYR3.25, pegged to a CY22 PBV of 0.7x (unchanged).