Teachers Mutual Bank Limited has become the only Australian company to be recognised as one of 2019’s ‘World’s Most Ethical Companies’ by the global ethics body The Ethisphere Institute. The bank was one of only five banks globally to receive this citation.

The citation follows the bank’s announcement that they have become the largest bank in Australia to certify deposits and mortgages as socially responsible under the Responsible Investment Association Australasia (RIAA) guidelines.

This RIAA certification will create an estimated $3.5 billion of socially responsible investment by 2021. This certification means:

• Teachers Mutual Bank Limited’s members can have confidence their lending is responsibly sourced (80% of funds from other members of the bank).
• Member deposits are responsibly screened to exclude 14 harmful activities, including gambling, tobacco, and fossil fuel lending.
• Teachers Mutual Bank Limited is currently the largest Australian bank to certify its deposits and mortgages as socially responsible.

‘Our aim is to be the most socially responsible bank in Australia. The Royal Commission has shown what happens when you lose sight of the customers’ interests, but for 52 years we’ve been focussed solely on them. That’s a big reason we’re recognised as one of the World’s Most Ethical Companies’, said Steve James, CEO, Teachers Mutual Bank Limited.‘Our operations are carbon neutral, our investments are fossil fuel free, and we don’t have conflicts between shareholder and customer interests. Our members can have confidence that that’s not going to change’, said Steve James, CEO, Teachers Mutual Bank Limited.

The citation covers three of the bank’s biggest brands: Teachers Mutual Bank, UniBank, and Firefighters Mutual Bank.

 About Teachers Mutual Bank Limited
For over fifty years Teachers Mutual Bank has provided key financial services to Australian educators. Now, Teachers Mutual Bank Limited is one of Australia’s largest mutual banks, comprising four brands:  the original Teachers Mutual Bank, UniBank, Firefighters Mutual Bank, and Health Professionals Bank.  With over 200,000 members and more than $7.5 billion in assets, Teachers Mutual Bank Limited is one of Australia’s largest mutual banks. Teachers Mutual Bank Limited continues to be passionate about assisting members secure their financial futures through superior member support and banking products. Teachers Mutual Bank Limited is a market leader in member advocacy in the Australian banking sector, and is also committed to strong standards of corporate responsibility through community investment and ethical business as one of the World’s Most Ethical Companies*.

Learn more about the award here.

Courtesy of Teachers Mutual Bank.