THE Co-operative Bank has vowed not to lend to companies involved in payday lending or fracking as its fightback to rebuild customer trust continues.

It has also added firms which do not responsibly pay their taxes and those involved in irresponsible gambling to the blacklist of organisations that it will not provide banking services to, as part of a revamp of a policy which sits at the heart of its values and ethics.

The Co-op’s ethical policy has been expanded after more than 74,000 people took part in a survey last summer.

The policy enables customers to have a say in how the Co-op operates. The bank said it has led to it turning away £1.4 billion worth of business since the policy was set up more than 20 years ago.

As well as restricting finance to certain groups, the policy also commits the bank to supporting organisations seen as having a positive community, social and environmental impact such as charities and credit unions.

The policy already covered the bank’s stance on human rights, international development, ecological impact, animal welfare and social enterprise.

Niall Booker, Co-operative Bank chief executive, said: “We know we have made mistakes in the past, but the relaunch of this policy is important in rebuilding the bank as we listen to our customers and rebuild trust.”