Ethical investment policy boosts Co-operative Bank

Ethical investment policy boosts Co-operative Bank

The Co-operative Bank’s customer numbers have increased significantly in recent years because of its ethical investment policy.

Since 1992, the bank’s commercial lending has grown from A?571 million to A?4.4 billion in 2008 – an average 14% per year growth.

Between 2007 and 2008 it increased lending to individuals by 15%.

David Anderson, chief executive, said: “Never has it been more important that responsible lending is prudent lending and I’m pleased to say that the Co-operative Bank’s Ethical Policy has stood us in good stead for more than 15 years now.”

Co-operative also revealed that it has so far refused over A?1 billion worth of business from companies who failed to match the bank’s ethical criteria.

“The Bank’s Ethical Policy has led to more than A?1 billion in unethical business being declined, but it has also contributed to a massive A?3.8 billion net growth in our corporate lending,” said Anderson.

Co-operative Bank’s ethical policy recently convinced singer-songwriter Bob Dylan to license his music for use in Co-operative Group adverts.

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