The ACE bank hoax

The ACE bank hoax began on Tuesday 10th October with a press release, the launch of a website, and the opening of a promotional office on the Muntplein in Brussels. Press and public were attracted to the newcomer that openly called for unethical investments.

The promotion of saving and investment products took place via a website and a trendy bank office on the Muntplein. Public and press reacted with disbelief, concern, or enthusiasm. After days of speculation in the press, and a complaint from the CBFA, the bank promised to reveal its identity.

During a press conference, the spokesperson of ACE bank explained that it was all a hoax, which Netwerk Vlaanderen used to hold a mirror up to the banking world. The investments of ACE bank do not differ so much from the large banks on the Belgian market. The only difference is that ACE bank is open about this. This theatre stunt was designed to focus attention on these unethical investments, in an attempt to stop them.

Both in style and in approach, ACE made a break with the banking world. The new finanicial institution had a trendy decor, which was very different from the typical boring bank office. At the same time, they openly promoted irresponsible investments, by calling them "daring" and "rational". While a normal bank does not discuss the destination of saving and investment money, ACE is proud of this.

During the ACE bank hoax, the press releases and promotional material became more absurd. The unethical investments of the large banks in Belgium were made more and more ridiculous through their cynical defence by the ACE bank. Eventually, the press and public began to question the veracity of the bank. They found the traces of Netwerk Vlaanderen.

Netwerk Vlaanderen wanted to use an original manner to show customers that their money does not just lie idle in the safe. In some cases, money is invested unethically by the big banks, although they like to suggest that everything that their money brings is responsible.

The money of Belgian bank customers still goes to producers of cluster bombs and companies that make use of forced labour. This must be stopped. It is high time that the banks make a coherent policy around investments regarding weapons and human rights.

More information on the controversial investments of banks can be found at: www.mymoneyclearconscience.be