Co-operative Bank lending grows 'thanks to ethical policies'

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Co-operative Bank lending grows 'thanks to ethical policies'

The Co-operative Bank has revealed that the total amount it lends to customers has grown significantly in recent years thanks to its ethical screening policy.

According to the bank, total commercial lending grew from £571 million in 1992 to £4.4 billion in 2008 - an average growth rate of 14 per cent each year.

The bank also revealed that it increased the amount it lends to individuals by 15 per cent between 2007 and 2008.

David Anderson, The Co-operative Bank's 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."

Recently, it emerged that the bank's ethical policy helped convince folk singer Bob Dylan to license his music for use in a series of advertising campaigns for the Co-operative Group, the bank's parent company.

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