(Source: Financial Markets) Co-operative Financial Services (CFS) secured the accolade of sustainable bank of the year at this year’s Financial Times Sustainable Banking Awards. HSBC was announced as the runner up, while Itau Unibanco, Brazil won the award for emerging markets sustainable bank of the year.
“We are seeing a much greater commitment by financial institutions in both developed and emerging markets to make sustainability a core part of their business,” said Martin Dickson, deputy editor of the Financial Times and co-chair of the awards judging panel. “The quality of this year’s awards entries reflect this commitment and the winners and runners-up announced today are leading the way.”
CFS chief executive Neville Richardson said winning the award was an “outstanding achievement”.
He added: “Throughout the financial crisis we’ve shown that by being a member-owned, customer-led and ethically-guided business we can maintain a sustainable path for the benefit of all our key stakeholders.
“At the height the crisis we announced that we had declined over £1bn of loans that did not meet the ethical criteria set by our customers. “At the same time we pointed out that this had strengthened our customer relationships, greatly increased the size of our deposits and provided us with the capability to lend £8bn to sustainable businesses in areas such as renewable energy and social housing.” The awards were presented at a Gala dinner in London on 3 June.