Ethical investment policy boosts Co-operative Bank

| February 3, 2009 | 0 Comments
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 £571 million to £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 £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 £1 billion in unethical business being declined, but it has also contributed to a massive £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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