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)* | |
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1 | RBC | Yes | $16,903 |
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2 | JP Morgan Chase | No | $13,895 |
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3 | Citi | Yes | $12,775 |
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4 | TD Securities | Yes | $12,043 |
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5 | CIBC | No | $10,467 |
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6 | Bank of America | Yes | $10,101 |
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7 | RBS | No | $7,544 |
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8 | Scotia Bank | Yes | $4,685 |
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9 | BMO | No | $4,467 |
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10 | Wells Fargo | No | $2,176 |
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11 | Barclays | No | $1,450 |
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12 | Société Générale | No | $936 |
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13 | HSBC | Yes | $667 |
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14 | BNP Paribas | No | $261 |
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15 | Intesa Sanpaolo | No | $250 |
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16 | Sumitomo | No | $186 |
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17 | Calyon | No | $119 |
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18 | ING | Yes | $119 |
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19 | KBC | No | $119 |
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20 | Mizuho | No | $111 |
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21 | Credit Suisse | Yes | $67 |
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22 | ANZ | No | $44 |
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23 | Mitsubishi UFJ | No | $44 |
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24 | Rabobank | Yes | $44 |
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25 | WestLB | Yes | $44 |
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26 | Standard Chartered PLC | No |
$44 |
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”).
