People, Planet and Profits

It didn’t get a lot of attention in the present economic climate but a couple of months ago, eleven banks joined to form an alliance called The Global Alliance for banking on Values.

Their hope is to provide an alternative to the current crisis in the global financial system. They are promoting the long term sustainable thinking and new forms of ownership and cooperation. The member banks hold assets of over 11 billion dollars Canadian and serve seven million customers in 20 countries.

At the launch Mr Peter Blum, CEO of Tridos Bank said the banks saw themselves as forces of change who stuck to simple core banking services that balance ‘people, planet and profits.’

One of the banks, ShoreBank Corporation, recently arranged for a $68 million loan fund that will help Bangladesh’s BRAC Bank, the world’s largest microfinance institution, making thousands of loans to the poor in Tanzania, Uganda and southern Sudan.

Here’s a group that is willing to risk investing in the poor. Good News in tough economic times.

Peter


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