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Co-op turns down £100m of 'unethical' business

Author: Manchester Evening News [UK], Published on: 31 May 2010

The Co-operative Bank [part of Co-Operative Group] turned down almost £100m of business last year for ethical and environmental reasons. Its annual ethical audit published today reveals the bank rejected 20 finance opportunities because they conflicted with the bank’s position on human rights and the arms trade…Business totaling £97.3m was rejected, including applications for finance for missile equipment to go to oppressive regimes…Tim Franklin, chief operating officer at Co-operative Financial Services, said: “These figures clearly demonstrate that there has been no relaxation in the implementation of the bank’s ethical policy and we continue to turn business away that conflicts with our customers’ concerns…”

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Related companies: Co-operative Bank (part of Co-operative Group) Co-operative Group