Unity Trust Bank
 | |
| Company type | Public limited company |
|---|---|
| Industry | Financial services |
Area served | United Kingdom |
| Website | www |
Unity Trust Bank plc provides specialist banking services to trade unions, charities and other organisations that operate in the not-for-profit sector in the United Kingdom and (since December 2015) its remit has expanded to include profit-with-purpose businesses. Founded in 1984; head office is located at Four Brindleyplace, Birmingham.
History
Unity Trust Bank was launched on May 1, 1984. It was born out of a vision by Trade Unions to create a bank that would serve the needs of customers and invest members’money to help create a better society.
Unity Trust Bank’s founders wanted the bank to be an organisation that identified with embracing the philosophy of the common good.
While now an independent organisation, Unity Trust Bank continues to embody its original principles.
As a bank with a social conscience, the aim is to provide banking services to viable organisations that deliver community, economic, social or environmental benefit to society.
Ownership
Originally a licensed deposit-taking institution, Unity Trust Bank acquired full status as a bank in 1987 when itpartnered with Co-operative Commercial Limited, a subsidiary of the Co-operative Bank, which held approximately 35 per cent of shares.
It became independent in December 2015 when it bought back shares from Co-operative Commercial Limited,thereby reducing its holding to less than seven per cent.
In 2017, Unity Trust Bank attracted new investment from existing shareholders and a new investor - the Sustainability | Finance | Real Economies fund (SFRE).
SFRE is an investment fund initiated by the Global Alliance for Banking on Values to deploy long-term capital growth equity needs for real economy-focused financial institutions.
This investment enabled Unity Trust Bank to buy back Co-operative Commercial Limited’s remaining shares meaning it is no longer a shareholder.
As the founders of Unity, Trade Unions have been major shareholders throughout its history and own almost 75 per cent of the total shareholding.
As well as the SFRE, the two other main shareholders which share Unity Trust Bank’s vision of investing in society are Big Society Capital and Midcounties Co-op,which invested in the bank when it became independent.
Big Society Capital, a leading social impact-led investor, collaborates and invests with fund managers which want to create a better, sustainable future.
Midcounties Co-op, part of the co-operative movement which started in 1844, is owned by its members and stands for equality, opportunity and shared success, providing communities with the goods, support and funding they need to live better.
Activities
Unity Trust Bank promotes a socially responsible and sustainable approach to banking and lending and joined the Banking Standards Board (BSB) in 2016, demonstrating its commitment to raise standards across the banking industry.
In the annual BSB survey results in 2019, Unity Trust Bank was in the top quartile in many areas and 93 per cent of employees said that the bank’s purpose and values were meaningful to them and that they trusted their colleagues to operate in an honest and ethical way.
In 2013, Unity Trust Bank became the first British bank to be awarded the Living Wage Employer Accreditation Mark and pay the Real Living Wage.
Unity Trust Bank was also the first bank to be accredited the Fair Tax Mark having pioneered fair tax practices via the Fair Tax Campaign.
It holds the Investors in People Gold standard, is a Disability Confident employer and is a Carbon Literate Organisation.
Unity Trust Bank is also a signatory of the Women in Finance Charter and the Time To Change Employee Pledge which commits to creating a more open and understanding culture around mental health issues in the workplace.
Employees at Unity have the opportunity to own shares in the business and are offered five paid days a year to volunteer in local communities.
