CASE STUDY

Case Study

Case Study

Co-operative Bank

History The Co-operative Insurance Company was formed in 1880 and became an Industrial and Provident Society in 1899, changing its name to Co-operative Insurance Society. The Co-operative Financial Group (CFS) was formed in 2002 to bring The Co-operative Bank, Co-operative Insurance and smile (its internet bank) under common leadership. The Co-operative Financial Group (CFS) is the financial division of the Co-Operative Group, the world's largest consumer co-operative, with over 3 million members and core business interests in financial services, food, travel, pharmacy and funeral care. Companies within the Co-operative Group include Alldays Plc, Somerfield, Ideal Chemists Ltd, Co-op Pharmacy, Co-operative Group (Food), Co-operative Travel Trading Company and many more. The Co-operative Group is a family of businesses that share the same co-operative way of doing things. That means offering an excellent service to their customers, selling products in a fair and honest way, and being committed to supporting communities on their doorstep and beyond.

The Co-operative Financial Services Group (CFS) employs 8,000 people and has 116 retail and corporate centres and over 1,000 face-to-face financial advisors throughout the UK. It also has 5.5m customers and £40 billion assets under management across both its retail and corporate business centres. The Co-operative Financial Services Group (CFS) is the group of businesses that includes The Co-operative Insurance Society (CIS), The Co-operative Investments and The Co-operative Bank, including smile. In brief, The Co-operative Bank offers a wide range of financial products, from current accounts, savings accounts, credit cards and loans. The Co-operative Insurance provides a variety of insurance products and The Co-operative Investments offers products including unit trusts, investment bonds and pensions.

• In 1997 the bank started the first biodegradable Visa card. • In May 2002 it broadcast its revised ethical principle on the 10th celebration of its first ethical policy. • In 2003 pre-tax earnings were ££130.1million, up 6.2% on 2002. • In 2002 Co-operative Financial Services (CFS) was formed, conveying Co-operative Bank and Cooperative Insurance Services (CIS) under widespread leadership. As both CIS and the bank before utilised the AA1000 Sustainable Accountability administration structure and promise benchmark, describing assesses were harmonised and the first sustainability report for CFS was released in 2003. Sustainable development principle the modified ethical principle comprises the conclusion of Co-operative Bank's discussion method with clients throughout 2001.

It comprises their outlooks on how their cash should and should not be invested. The principle reports the bank's alternative of partners and suppliers. The next is an abridged type revised by PP4SD. Human Rights Through our investments, we request to support the values of the Universal Declaration of Human Rights. The Arms Trade We will not invest in any enterprise engaged in: • the construct or move of armaments to oppressive regimes • the construct of torture gear or other gear that is utilised in the violation of human rights. Corporate blame we support for the Fundamental International Labor Organisation Conventions. In line with these, we will request to support enterprises which take a to blame ...