Co-op Bank’s ethical label no longer fits

http://www.theguardian.com/business/2015/dec/10/co-op-banks-ethical-label-no-longer-fits

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The Co-operative Bank has long had a reputation as an ethical bank so that many charities and other small groups banked with it. Such a reputation seems no longer appropriate and the reason deserves publicity. Last week I heard that the bank had, without notice or publicity, closed the account of the Palestine Solidarity Campaign, which campaigns for Palestinians under occupation, together with the accounts of some 20 local groups doing similar work. Today I had similar news from the Cuba Solidarity Campaign which has stood alongside Cuba during the many dark years of the US embargo. These changes are presumably due to the change in ownership following the bank’s recent troubles. The Co-operative Bank is free, of course, to hold accounts as it wishes. But the word “ethical” no longer fits.Dr Mike BarnesWatford

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