[jenifa]

Hi there,

Are there any ethical banks in HK (by which I mean banks with restrictions on the types of industries they would invest in - i.e. animal testing, arms manufacturing etc et)?

thanks

Jen

[freeier]

those are not business of banks, banks are just agent.
look for funds that are maybe islamic or green or ethical etc.etc.

some fund houses do offer that. but i doubt any of the banks in hk carries it.

[jenifa]

Hi Freeier,

Thanks for replying, perhaps I did not explain my post very well. I am not looking to invest, I am simply looking for a bank to set up an account with. However, I want a bank with an ethical policy.

For example in the UK, it is well known that NatWest bank fund Huntingdon Life Sciences (an animal testing group), so I don't bank with them anymore. There are other banks in the UK which say they would not fund/lend to/invest in these kinds of organisations, and that's what I'm looking for in HK.

Thanks

Jennifer

[freeier]

hi hi,

then u obviously won't get much information in hk.
they wld rather keep quiet about all these stuffs than to let it leak out. 8-)

[JonnyC]

Why don't you ask them, can't hurt

Not much demand for those sort of banks in HK, given nature of business here.

Where does a bank stop? Not lending money to animal groups is probably just a marketing ploy ... will they accept money from third world dictators? Will they loan money to China based factories who pollute the waters?

Its all relative ...

[beachshakti]

Hi -
It is much more likely to be a multinational bank like ABN AMRO, HSBC, or Standard Chartered that will come closer to meeting your SRI needs than a local bank. To my knowledge, there is nothing like a VanCity or South Shore Bank, here in Asia (and even those N American banks, I'm not sure have strict ethical screens on use of funds).

Not 100% relevant, but you might want to look for those FIs who have committed to the UN Principles for Responsible Investing (just issued in April 2006), the Equator Principles (covers project finance), Global Compact, etc. Of course, making a commitment does not necessarily translate into action....and few major banks are prepared to outright say no to full segments of industries as investment opportunities (which a SRI mutual fund manager can do).

So check out the websites of the banks you might be considering, which should talk about their approach to corporate responsibility/ sustainable development if it is of any relevance to the bank.

Hope this is of some help.