Co-op Bank turns away £10m for ethical reasons

The Co-operative Bank turned away almost £10m worth of business for “ethical reasons” last year, according to the bank’s annual profitability analysis published today.

The bank rejected more than £5m for business activity that conflicted with its ecological policies and about £2.4m because of its link to global climate change.

Craig Shannon, director of business management, said: “This analysis demonstrates that we are prepared to turn away business for ethical reasons in line with our customers’ concerns.”

Shannon said the bank’s ethical stance had improved its customer base.

“Despite this scrutiny, a growing proportion of business customers are coming to the bank because of our ethical positioning,” he said.

The Co-operative Bank estimates that a third of its £96.5m pre-tax profit last year could be attributed to its ethical and sustainability policies.

The bank rejected £1.9m worth of business over animal welfare concerns, while anxieties about clients with poor human rights and labour practices lost it £1.9m.

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