CO-OPERATIVE Bank has celebrated the tenth anniversary of its ethical stance by launching a revised policy which clearly tells customers who it will and will not do business with.

Having invited the views of its more than two million customers, the bank is revising its stance to include, for the first time, a section on genetic modification. The Co-operative Bank says it will not do business with biotech companies involved in the uncontrolled release of genetically-modified organisms into the environment, terminator technologies or cloning, in particular of animals for non-medical purposes.

In a move designed to reflect the more positive aspects of the bank's ethical stance, the updated policy also states what it will seek to support.

This includes companies which take a responsible position with regard to labour rights in their own operations, businesses involved in recycling and organisations working to promote renewable energy and energy efficiency.

Director of corporate affairs Simon Williams said: "For the past ten years, our policy has acted as one of the UK's main ethical barometers. Indeed, issues included in our original policy have since been outlawed.

"We never said that our ethical policy was set in stone. It is important that it echoes developments in society at large."

He added: "We are committed to regularly consulting our customers on the details of our ethical stance.

"After all, it is their money in the bank and so it is important that we have their mandate to carry out that policy."