The Co-operative Bank is a British bank offering a range of banking products from current accounts, mortgages and loans to credit cards and saving products.[1] The Co-operative Bank’s focus is UK retail and small and medium-sized business customers.[2] As of 30 June 2017, the bank held £25 billion (€27 billion) in total assets.[3]
In 2014, The Co-operative Bank re-launched its ethical policy after consultations with its customers. The policy excluding nuclear weapons producers remained the same. The Ethical Policy states: “We will not finance […] the manufacture or transfer of indiscriminate weapons.”[4] Indiscriminate weapons include cluster munitions, anti-personnel landmines, depleted uranium munitions, incendiary munitions, chemical and biological weapons.[5] It also includes “products or services classed as strategic to nuclear weapons.” Companies found to be in conflict with the policy are excluded.[6]
The policy applies to all asset and liability classes relevant to The Co-operative Bank.[7] The Co-operative Bank declines banking facilities and terminates loan contracts of customers violating its ethical policy.[8] The Co-operative utilizes independent research by EIRIS to identify breaches to its policy, which is not publicly available.
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[1] The Co-operative Bank, “About Us”, website The Co-operative Bank (http://www.co-operativebank.co.uk/aboutus?int_cmp=topnav_whoweare_aboutus), viewed 23 January 2018.
[2] The Co-operative Bank, “Purpose”, website The Co-operative Bank, (http://www.co-operativebank.co.uk/aboutus/ourbusiness/purpose), viewed 23 January 2018.
[3] The Co-operative Bank, “The Co-operative Bank plc Interim Financial Report 2017”, page 11, available online at: http://www.co-operativebank.co.uk/assets/pdf/bank/investorrelations/2017-Interim-Financial-Report.pdf, viewed 23 January 2018.
[4] The Co-operative Bank, “Ethical Policy”, website The Co-operative Bank (https://www.co-operativebank.co.uk/assets/html/bank/ebooks/ethical-policy/index.html), viewed 23 January 2018.
[5] The Co-operative Bank, written response to PAX, dated 1 December 2017.
[6] The Co-operative Bank, written response to PAX, dated 1 December 2017.
[7] The Co-operative Bank, written response to PAX, dated 1 December 2017.
[8] The Co-operative Bank, written response to PAX, dated 1 December 2017.
Last modified 6 July 2018