AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Racism has given people a terrible perspective of life. Companies in the United Kingdom have been told to inspect their association and connection to the slave trade in history. Reportedly, Greene King and Lloyds's of London have announced to make donations as a part of the reparation. Some of the UK's prominent banks, namely, HSBC Holdings PLC, Royal Bank of Scotland Group PLC, Aviva PLC, Lloyd's Banking Group PLC, Barclay's PLC, Arbuthnot Banking Group PLC, have been asked to examine their role in the act of slavery.
The Black Lives Matter campaign, the death of George Floyd and removal of the statue of slave owners, Cecil Rhodes and Edward Colston has given rise to this scrutiny. The banking sector is chalking out strategies to ensure racism does not perpetuate in the industry. Here we are going to discuss some of them who have been reportedly involved into this.
Royal Bank of Scotland Group PLC (LON:RBS)
Royal Bank of Scotland Group PLC was established in 1727, with its headquarters in Edinburgh, United Kingdom. It employs around 12,000 people, serving 1.8 million retail and 110,000 business customers. In 1783, RBS opened its first Glasgow branch and in 2016, its first fully polymer bank note was released.
While scrutinizing a 2009 report, it was brought to notice that the Directors of RBS had owned slaves. RBS has set up an association which is led by the BAME (Black, Asian and Minority Ethnic) for looking into what contributions that can be made by the bank in order to benefit the BAME group.
Royal Bank of Scotland Group PLC (LON:RBS) on 19 June 2020, last traded at GBX 121.70, down by 0.65 per cent from its previous close. The company's 52 weeks high/low range was reported at GBX 101.75 / 261.00. It was having a market Cap of GBP 14,853.17 million. The daily traded volume was 34,036,221.
Lloyds Banking Group PLC (LON:LLOY)
Lloyds Banking Group PLC is one of the UK's leading groups, providing banking and financial services. It mainly focuses on activities such as retail, general insurance, commercial and corporate banking and pension and investment services. Lloyd is the largest of the UK's retail bank, headquartered in London, UK. It is listed on both the London Stock Exchange and the New York Stock Exchange.
In the eighteenth and nineteenth century, Lloyd had been involved in the slave trade. But now, it is identifying black and minority ethnics in order to provide financial support to charities in order to promote their opportunities and retain and develop their talents. The bank is intending for creating a culture in which the market can flourish.
Lloyds Banking Group PLC (LON:LLOY) on 19 June 2020, last traded at GBX 32.24, down by 0.60 per cent from its previous close. The company's 52 weeks high/low range was reported at GBX 27.73 / 67.25. It was having a market Cap of GBP 22,944.91 million. The daily traded volume was 305,438,479.
Arbuthnot Banking Group PLC (LON:ARBB)
Arbuthnot Banking Group PLC having its headquarters in the UK was incorporated in 1833, with. Running successfully since the last 187 years, it aims at providing unique experience to its customers by managing their money.
The founders of Arbuthnot Bank, James Alves Arbuthnot and Alfred Lathem and were reportedly associated with the slave trade. Lathem had received reimbursement in 1833 after the abolition of slavery. The company is of the view to pay reparation for their role played in the slave trade. As of now, the bank has been objecting discrimination and racism of any sort and is focusing on enhancing cultural diversity across the bank.
Arbuthnot Banking Group PLC (LON:ARBB) on 19 June 2020, last traded at GBX 835.00. The company's 52 weeks high/low range was reported at GBX 625.00 / 1,390.00. It was having a market Cap of GBP 122.09 million. The daily traded volume was 487.
Barclay's PLC (LON:BARC)
Barclay's PLC is a 300 years old company belonging to the banking and financial services sector. The bank’s head office is situated in 21st century city London, UK. It contributes to retail banking, commercial banking, investment banking, private banking and wealth management businesses.
Two of Barclay's managers and 3 directors have been said to have involvement in the slave trade or have accepted slave payment. But now, it is committed to foster growth by propagating cultural diversity and Equality among its colleagues and customers.
Barclay's PLC (LON:BARC) on 19 June 2020, last traded at GBX 116.56, down by 1.75 per cent from its previous close. The company's 52 weeks high/low range was reported at GBX 80.24 / 192.46. It was having a market Cap of GBP 20,574.12 million. The daily traded volume was 95,260,381.
HSBC Holding PL (LON:HSBA)
Founded in 1865, HSBC is one of the world's most famous and leading banks. It operates in over 64 countries, serving more than 40 million customers and is having a total of 235,000 employees. It has been operating since last 150 years
George Pollard, Manager, London Joint Stock Bank, was compensated with GBP 2,416 for giving up 134 enslaved people in Nevis. They are learning from their past and are said to be now committed in promoting inclusive and diverse culture, standing against any kind of discrimination.
HSBC Holding PL (LON:HSBA) on 19 June 2020, last traded at GBX 391.40, up by 2.58 per cent from its previous close. The company's 52 weeks high/low range was reported at GBX 370.10 / 672.50. It was having a market Cap of GBP 77,706.65 million. The daily traded volume was 74,080,416.
