Co-operative Bank boosts charity lending and customer numbers

In the year ending November 2010, the bank lent £44m - a rise of 55 per cent on the previous year

Co-operative Bank: rise in lending
Co-operative Bank: rise in lending

The Co-operative Bank's charity and social enterprise unit has boosted its lending to charities by 55 per cent and increased the number of its third sector customers by 46 per cent in the year ending November 2010.

Latest figures from the bank show the unit lent £44m to charities during the year and increased its charity customers from just above 300 to 450. The amount held in those 450 charities' accounts rose 56 per cent to a total of £716m.

The bank also has around 3,600 charity customers with incomes of less than £1m, which are not managed by the specialist unit.

Barbara Hodgson, manager of the bank's northern charity and social enterprise team, said: "At a time when many banks have scaled back their offering, we have increased our support to the third sector through a commitment to continue lending and offering investment products to maximise return on cash at a time of unprecedented low interest rates."


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