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CO-OP BANK customers are forming a union to press the bank’s owners to retain its ethical investment principles.
Ten thousand customers signed up to a Save Our Bank campaign following the bank’s collapse in 2013, when a £1.5 billion black hole was found in the finances.
The collapse followed a disastrous takeover of the Britannia Building Society and a failed bid for hundreds of Lloyds Bank branches.
The bank was bailed out by private hedge funds.
Now Save Our Bank is trying to raise £15,000 to fund the venture.
The group said: “The customer union will turn the Save Our Bank campaign into a legally constituted co-operative organisation, owned by its members, to keep up the pressure on the bank and to build a new co-operative shareholding on behalf of all of us.
“It’s going to be called the Customer Union for Ethical Banking.”
The bank does not invest in the arms trade, tobacco companies or businesses which exploit developing countries.
