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Would church inject morality to banking or become corrupted by the riches ?

The Church of England is backing a £1billion bid to buy more than 300 Royal Bank of Scotland branches.It has emerged Church Commissioners, who manage £5.5billion of investments, are prepared to plough money into a consortium looking to snap up the new network. The move comes a week after a Parliamentary Commission, which included Archbishop of Canterbury Justin Welby, slammed the conduct of bankers.RBS is being forced to sell the 316 branches in exchange for getting a taxpayer bailout.A deal to sell the business to rival Santander collapsed last year because of IT problems.The buyout consortium is being led by former trade minister Lord Davies.It wouldn’t be the first time the Commissioners have invested in a bank as they already hold shares in Barclays. The Church claims it used its stake to put pressure on Barclays in the wake of its fine for rigging the Libor rate, saying the bank “lost sight of its fundamental role in society”.The fund also invests in property and other assets.

via Church of England backing £1billion bid to buy 316 RBS branches – Mirror Online.

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