Credit card provider Co-operative Bank launches a new development fund
The Co-operative Bank, which offers a charity credit card, hopes to build on its reputation as a social bank by launching a new development fund.
Credit card provider Co-operative Bank launches a new development fund”
According to the bank, the Global Co-operative Development Fund, in collaboration with Deutsche Bank, is the first development fund for co-operatives.
The bank believes that its customers wants it to play a part in tackling global poverty and the new fund is one of the ways that it can achieve this aim.
Head of structured and asset finance at the bank Richard Wilcox said: "Investing in co-operatives can contribute to the economic development of a country, helping to alleviate poverty and reduce economic vulnerability - while providing a competitive risk-adjusted return.
The Think credit card, provided by the Co-operative Bank, offers holders the chance to help protect one third of an acre of Indonesian rainforest for 100 years when they first use the card.
A total of 25p is donated to the RSPC's Indonesian Rainforest project for every £100 spent on the credit card.
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