ACE bank, the story

The launch
At the start of ctober 2006, a mysterious bank appeared on the Belgian market. It seemed to be the initiative of a large financial group, which did not want to reveal its identity. The bank had one clear goal: maximum return for the client, with no scruples. Tired of politically correct thinking, and the fuss around human rights and sustainability, this innovator in the financial world went all out for controversial investments, and prefered to see the money of clients going to arms production, oil drilling and dictatorships.

ACE bank chose this investment policy, but wanted to see if the Belgian customer was ready. Brussels was chosen as a starting place for a large scale market research. The first promotional office openned on 11th October. Motivated staff interviewed people passing in the street. They were asked for their opinion of ACE bank products: some were shocked about the investment choices, others apprreciated the new approach.

The media strategy
Almost everyone is intrigued by ACE bank. The Belgian newspapers give loong reports of the newcomer on the Belgian market. ACE bank played an aggressive and active media strategy, and issued a series of press releases that seemed believable yet felt slightly absurd. A few days after the launch of the Brussels office, ACE bank claimed that is had become the "Ryanair of the financial world". The bank promised higher returns than competitors, due to the low salary paid to staff, and the controversial investment choices. They would participate in envirnonmentally damaging projects such as the Russian gas exploitation project Sakhalin II, from Shell. These investsment chances would not be passsed by. The press reacted with a mixture of surprise and curiosity. They began to speculate about the identity of the bank.

De tension grows
The speculation reaches a climax as journalists call anyone involved in the bank, and begin to press the spokesperson for answers. Steve Smith, the head of communications at the bank, refuses to shed light on the mystery, but promises more clarity in the coming days. At that point, news of the bank has reached the regulator of the banking world, the CBFA. A representative from the CBFA is alarmed that ACE bank does not have the necessary licenses for operating on the Belgian market. He rushes to the trendy bank office, and and bumps into the spokesperson of ACE bank, who tells him to come back during office hours. After a short and sharp discussion, the director of the CBFA goes to the closest bank office to hand in an official complaint. That same evening, the CBFA announces the dubious activities of ACE bank to the press and public. The business has no license to operate on the Belgian market.

The untangling
The communication strategists at ACE bank decide to react. The bank announces a press conference, where they will give clarity about their identity. But, it seems that sections of the press are not content to wait until the press conference. Journalists switch into a higher gear. Is ACE for real? Is it a stunt from a financial institution? Or is the bank trying to convince people of the opposite of what they seem to be doing? Is there maybe an organisation behind this with another agenda? The phone of the ACE bank spokesman rings off the hook. But the company refuses to lay it's cards on the table. Journalists are asked to wait until the press conference, but are not distracted from their search for information. Many NGOs including Oxfam, Greenpeace and Netwerk Vlaanderen are called. No-one knows anything. Other banks and public relations companies are called. They also know nothing. Finally the net tightens around ACE bank, as a sharp reporter discovers that the bank office is rented from the City of Brussels to Netwerk Vlaanderen, for an exhibition on sustainable saving and investing. The journalist publishes an article that openly suggests that Netwerk Vlaanderen is behind ACE bank. Not surprising: the organisation is well known for direct and controntational actions on unethical investment decisions. But no one is completely sure, so the press conference the following day is packed.

The repression
The CBFA is informed about the press conference and decides to spring into action. Whoever is behind ACE bank must be stopped. 20 minutes before the start of the press meeting, a group of plain-clothed police enter the office. They have received the order to take the staff of the bank for interview. A part of the ACE bank staff have experience of such police intervention, and and manage to escape. They call for reinforcements, and a negotiator goes to discuss with the police. After a short explanation, the police are able to laugh at the situation, and decide to get a pint in a nearby pub. The press conference can continue in the ACE bank office. ACE bank uses the chance to explain that there are not so many differences between their investment choices, and the investments made by the large banks. AXA, Dexia, ING, KBC or Fortis invest in companies that abuse human rights, why shouldn't ACE bank be allowed to operate in this way?

The reveal
The spokesperson reads the responses of customers that have been received by the bank during the market research. Ending with the less than positive reactions of a few people who threaten to break the windows of the bank. Does the press have any more questions? Silence. "In that case, we would like to add something to the dossier. We would like to reveal the identity of the people who have been running ACE bank, from behind the scenes." As if by magic, two campaigners of Netwerk Vlaanderen appear to give more information about the hoax.