Banks Ranked and Spanked on the Tar Sands

As an ode to the  “rank ‘em and spank ‘em” strategy coined by our outgoing  Executive Director Mike Brune, we proudly present the following roster of international banks backing expansion in the tar sands.

The table below is based on credit extended underwritten by each bank to companies operating in the tar sands since 2007 according to Bloomberg.

Each of these banks received letters from RAN, IEN and BankTrack late last year requesting information about how they are addressing the damage caused by tar sands development. Responses (or lack thereof) will help us identify which banks are serious about responsible banking, and which may need more convincing.

Rank Bank Response to RAN Loans (Million USD)*


1 RBC Yes $16,903


2 JP Morgan Chase No $13,895


3 Citi Yes $12,775


4 TD Securities Yes $12,043


5 CIBC No $10,467


6 Bank of America Yes $10,101


7 RBS No $7,544


8 Scotia Bank Yes $4,685


9 BMO No $4,467


10 Wells Fargo No $2,176


11 Barclays No $1,450


12 Société Générale No $936


13 HSBC Yes $667


14 BNP Paribas No $261


15 Intesa Sanpaolo No $250


16 Sumitomo No $186


17 Calyon No $119


18 ING Yes $119


19 KBC No $119


20 Mizuho No $111


21 Credit Suisse Yes $67


22 ANZ No $44


23 Mitsubishi UFJ No $44


24 Rabobank Yes $44


25 WestLB Yes $44


26 Standard Chartered PLC No


Totals are based on underwriting league tables reported by Bloomberg. Totals are derived from loans to companies with significant operations in the tar sands. Specifically the companies listed below. Totals may not reflect actual lending. Totals represent the full value of loans where the bank acted as lead book-runner (also called managing underwriter, lead manager, etc…) . Where the bank was one of multiple lead book-runners, value is awarded pro-rata. Here’s the details from Bloomberg (look under “fixed income eligibility criteria”).