GLS Bank

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GLS Bank (officially GLS Gemeinschaftsbank eG) is a German ethical bank that was founded in 1974 as an anthroposophical initiative by Wilhelm Ernst Barkhoff and Gisela Reuther. It was the first bank in Germany that operated with an ethical philosophy. According to GLS Bank, its focus is on cultural, social and ecological initiatives, initiated by people, and not anonymous interests seeking capital or maximum profit. The name stands for Gemeinschaftsbank für Leihen und Schenken which translates as Community bank for loaning and giving. The bank is based in Bochum, Germany, and is a co-operative. As of November 2006, the bank's total balance was EUR 0.645 billion. As of 31 December 2008, the balance sheet total was EUR 1.013 billion, further rising to EUR 1.847 billion as of 31 December 2010. In 2015, the bank received the first German Award for Excellence from the Deutschen Gesellschaft für Zertifizierung (German Certification Group). The award was granted to honor the bank's fair business practices. In December 2016 at the annual general assembly, about 80% of the 1200 people present at the assembly decided to introduce the GLS Beitrag.