The Co-operative Bank developed its ethical stance in close consultation with its customers and became the first UK clearing bank to adopt such an approach in 1992. The Bank will not do business with companies which “oppress the human spirit, damage the environment or exploit animals”, while at the same time it encourages organisations to adopt fair trade and ethical sourcing policies.

The ethical policy enabled the Co-operative Bank to create its own distinctive position in the very crowded financial services market where most customer propositions are based on price or service. One example of putting ethical principles into practice was the landmines campaign which the Bank adopted following the publication of the Scott Report in February 1996. The Bank placed full-page advertisements in national newspapers in order to

reassure customers that their money had not been used to finance the supply of arms to both Iran and Iraq. The Bank also called on other banks to refuse to finance the manufacture and supply of landmines, which helped generate publicity around this issue.

Adopting such a high profile campaign ultimately helped to get landmines outlawed worldwide, but it also supported the Co-operative Bank’s business. In addition to record profits, the Bank has benefited from unprecedented growth in customers and employee morale has improved.