Co-operative Bank turns away business

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Co-operative Bank turns away business

Mon 2nd Feb 2009

The Co-operative Bank has revealed that it has turned away more than £1 billion of potential business because the customers and companies concerned did not meet its stringent ethical standards.

However the bank, which advertises itself as "good with money", revealed that its ethical stance had also helped attract individuals, announcing that personal savings deposits grew by 40 per cent between 2007 and 2008.

The Co-operative Bank also claimed that its ethical polices are persuading more people to chose it as a current account provider, revealing that the amount deposited in current accounts grew by 65 per cent over the course of last year.

David Anderson, the Co-operative Bank's chief executive, said: "The Co-operative Bank's Ethical Policy has stood us in good stead for more than 15 years now. [It] has led to more than £1 billion in unethical business being declined"

Counter-cultural icon Bob Dylan recently agreed to allow the bank's parent company, the Co-operative Group, to use one of his songs in its adverts. He was allegedly persuaded to do so by the bank's ethical policies.

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