Banks Ranked and Spanked on Tar Sands

Written by Brant Olson

Topics: Finance, Oil

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Illustration by Stefan Lorant

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
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
Royal Dutch Shell plc
Sinopec Group
StatoilHydro ASA
Suncor Energy Inc
Syncrude Canada Ltd
Total SA
TransCanada Corp
UTS Energy Corp

4 Comments For This Post I'd Love to Hear Yours!

  1. Cavan says:

    Are you getting a lot of traffic to this blog? The thing is loading super slow for me.

  2. Bill Burgess says:

    Hi, I gather you can’t publish more detailed listings of loans on the web, but is what you have done available otherwise, e.g. for the other Canadian banks, and perhaps insurance companies and pension funds?

    From the Underwriting League .pdf I see totals by lender but not the lendees – where do you get this?

    Your work on this is great, by the way. I am trying to trace of out similar connections based on what inter-corporate ownership exists.

    Bill Burgess

  3. From the Underwriting League .pdf I see totals by lender but not the lendees – where do you get this?

  4. Kris says:

    Thank you for publishing this information! I’m talking to all my friends about switching their bank account to a more ethical credit union. I would love to receive some current information about these banks.

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