Congratulations to Triodos Bank, crowned as “Sustainable Bank of the Year 2009” at last night’s FT Sustainable Banking Awards, and to runner up Standard Chartered.
As the deadline for comments on the Turner Review approaches, it is good to have both as inspirations for the future of banking and – to declare an interest - as UKSIF members.
Some of us remember the early days of Mercury Provident (founded 1974), the tiny UK industrial and provident society that merged in 1995 with its Dutch sibling (founded 1980) to bring the Triodos Bank name to the UK. Its early supporters will feel vindicated by this proof that new entrants can indeed establish a different vision of banking.
Equally, Standard Chartered, founded 1853 and 1863 to meet British Empire banking needs, shows that incumbents can adapt to today’s new challenges; while the candidates and winners for “Emerging Markets Sustainable Bank of the Year 2009” and the other awards together give a powerful glimpse into a positive future for banking across the globe.
But my fear is that well-intentioned financial reform may inadvertently prevent the emergence of the 21st Century’s equivalents to Mercury Provident. Today’s challenge for financial regulators is to support innovation and inspiration as well as controlling the dysfunctional.
Photographs from the event (available here) include former UKSIF Vice Chair Charles Middleton accepting the award on behalf of Triodos Bank and the table I shared with fellow guests from emerging market winners Itaú Unibanco (Brazil) and Industrial Bank (China) and others.
