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Oxfam Ibis slams Danske Bank and Nordea's investment policies in new ethics ranking

A new study with focus on ethics in investment policy has left Nordea and Danske Bank at the very bottom. The study focuses on the perception of the banks in Norway and Sweden.

Photo: Ints Kalnins/Reuters/Ritzau Scanpix

Scandinavian banks Danske Bank and Nordea have come last in a new ranking of the ethical perception of investment policies.

This was revealed in a press release written by Oxfam Ibis, which refers to an evaluation undertaken by the Fair Finance Guide in Norway and Sweden.

"In Sweden and Norway the ethics, responsibility and sustainability of the banks are measured. In both countries, Danske Bank and Nordea come bottom in this brand new ethical evaluation of their investment policies. Danske Bank and Nordea especially lose out when it comes to tax avoidance, climate change, equality and arms sales," the press release states.

Denmark is not included in the study, though Oxfam Ibis and the consumer advice firm FORbrugerrådet Tænk are working to start an equivalent investigation there.

Nordea came last

According to Oxfam Ibis, Nordea took last place in both Norway and Sweden with an average score of 50 out of a possible 100 points. Danske Bank did slightly better, scoring 55 points.

The high scorers in the evaluation, which were generally Swedish and Norwegian banks, scored over 90 points, the press release states.

"The finance sector has talked about sustainability and better ethics for years. But there is apparently a long way from words to actions. We can especially see that the biggest banks are only improving slowly year on year, and still have a long way to go before their investment policies live up to the international guidelines and the UN's world goals," writes Kristian Weise, secretary general of Oxfam Ibis, in the press release.

English Edit: Catherine Brett

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