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A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers with capital deficits to customers with capital surpluses. Banking is generally a highly regulated industry, and government restrictions on financial activities by banks have varied over time and location. The current set of global bank capital standards are called Basel II. In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In Japan, banks are usually the nexus of a cross-share holding entity known as the keiretsu. In Iceland banks had very light regulation prior to the 2008 collapse. The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena, Italy, and has been operating continuously since 1472. History 
The Stockport Pyramid building provides administrative services, including a call centre for Smile and The Co-operative Bank Unlike other co-operative banks, such as the Dutch Rabobank, the Co-operative Bank does not have a federal structure of local banks, instead being a single national bank. Nor is the bank directly owned by its own members or account holders, unless they are also Co-operative Group members. In this instance, the Co-operative Bank is wholly owned by Co-operative Financial Services, whose sole shareholder is the (member-owned) Co-operative Group. Members of the Co-operative Group are also entitled to earn dividend on their account holdings and borrowing with the Bank The Bank was formed in 1872 as the Loan and Deposit Department of Manchester’s Co-operative Wholesale Society, becoming the CWS Bank four years later. However, the bank did not become a registered company until 1971. In 1975, the bank became the first new member of the Committee of London Clearing Banks for 40 years and thus able to issue its own cheques. In 1974 the Co-operative Bank has offered free banking for personal customers who remain in credit. It was also the first Clearing Bank to offer an interest-bearing cheque account, in 1982. "Co-operative Bank" redirects here. For the general concept, see cooperative banking.
The Co-operative Bank plc is a commercial bank in the United Kingdom and Guernsey, with its headquarters in Manchester. The bank markets itself as an ethical bank, and refuses to invest in companies involved in the arms trade, global climate change, genetic engineering, animal testing and use of sweated labour as stated in its ethical policy. The ethical policy was introduced in 1992. In 2002, Co-operative Group Limited brought the bank and Co-operative Insurance Society under the control of a newly incorporated holding society, Co-operative Financial Services While the bank, like any other, is run on profitable lines, it does occasionally turn away new business which it feels may compromise its ethical policies. In the 2005/06 financial year, whilst making profits of £96.5 million, it turned away business of nearly £10 million. In June 2005, the bank closed the account of a Christian evangelical group (Christian Voice) because of its standpoint on homosexuality, specifically the group’s "discriminatory pronouncements on grounds of sexual orientation". They said the group was "incompatible with the position of the Co-operative Bank, which publicly supports diversity and dignity". Christian Voice said the bank was discriminating against it on religious grounds. Gay Times subsequently selected the Co-operative Bank for its Ethical Corporate Stance Award.
Large door to an old bank vault.
From Wikipedia, the free encyclopedia : Cooperative banks organized |
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