June 1, 2010
Co-op Bank turns down £100m of unethical business
by Gill Montia
Story link: Co-op Bank turns down £100m of unethical business
The Co-operative Bank rejected £100 million of business in 2009 as prospective commercial customers failed to comply with the mutual’s ethical policy.
Issues surrounding human rights and the weapons trade scuppered 20 potential deals.
A further 16 potential customers were turned away because of their environmental impact, and four fell foul of bank’s animal welfare concerns.
However, the lender managed to distribute £8.3 billion to UK businesses in 2009 and companies with an ethical, environmental or co-operative ethos accounted for 25% of loans and overdrafts and more than half of the bank’s commercial deposits.