A major British high-street lender has introduced what it describes as a ‘radical’ new ethical policy, which has seen them turn away over £1 billion since 1992.
The Co-Operative Bank adopted stricter ethical policies over a decade ago and now after a consultation with nearly 80,000 of their customers, has decided to make the rules even more stringent.
The bank gave out a total of £4.4 billion in loans last year.
The chief executive of the lender told reporters that they were broadening the range of companies they would cease to do business with to include the manufacturers of ‘indiscriminate’ weapons such as cluster bombs and mines.
"Never has it been more important that responsible lending is prudent lending and I'm pleased to say that The Co-operative Bank's ethical policy has stood us in good stead for more than 15 years now,” said CEO David Anderson.
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