SUNDAY, JANUARY 31, 2010
THE BLOG OF THE RAINFOREST ACTION NETWORK

Banks Ranked and Spanked on Tar Sands

[caption id="attachment_5586" align="alignleft" width="250" caption="Illustration by Stefan Lorant"][/caption] 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. Restrictions at Bloomberg now prevent us from publishing deal-by-deal details to the web, but are available upon request if you leave your email in the comments. 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. Responses received to date are also linked in the table after the jump. UPDATE: There's been some questions about how these numbers are derived.  We have answers, following the table.

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 $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"). Athabasca Oil Sands Corp Baytex Energy Trust Bonavista Energy Trust BP plc Bronco Energy Ltd Canadian Natural Resources Ltd Canadian Oil Sands Trust CanWest Petroleum Corp Cenovus Energy Inc Chevron Corp China National Petroleum Corp Connacher Oil & Gas Ltd ConocoPhillips Devon Energy Corp Enbridge Inc EnCana Corp Enerplus Resources Fund Exxon Mobil Corp Harvest Energy Trust Husky Energy Inc Imperial Oil Ltd Inter Pipeline Fund Kinder Morgan Energy Partners LP Koch Resources LLC Korea National Oil Corp Marathon Oil Corp MEG Energy Corp Mocal Energy Ltd Murphy Oil Corp Nexen Inc Nippon Oil Corp Occidental Petroleum Corp Oilsands Quest Inc OPTI Canada Inc Paramount Resources Ltd Pembina Pipeline Income Fund Pengrowth Energy Trust Penn West Energy Trust Petrobank Energy & Resources Ltd Petro-Canada Royal Dutch Shell plc Sinopec Group StatoilHydro ASA Suncor Energy Inc Syncrude Canada Ltd Total SA TransCanada Corp UTS Energy Corp

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