Friday, August 20, 2010

Environmental, ecological, democratic bank fails

German regulator forces closure of noa bank

FRANKFURT, Aug 18 (Reuters) - German regulator Bafin closed noa bank GmbH & Co, a tiny Frankfurt-based retail lender focused on ethical and ecological banking, adding the bank was not systemically relevant.

Jozic founded Noa Bank in November 2009 to give clients a say in where their money was being used to enforce "financial democracy."

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