Ace Bank 7 Favorite 



Oct 1 2006



ACE Bank was a hoax bank developed as part of a bigger campaign by Netwerk Vlaanderen, a Belgian organization concerned with banks’ responsibilities for what they invest in. ACE bank was an elaborate deception, with a headquarters in central Brussels, parodying other banks. It claimed to be investigating whether there was a market for its special way of doing business. The bank wanted to specialize in dubious investments in areas such as arms and oil production, as well as child labor. It claimed to be ethical and transparent because in contrast to other banks it did not try to hide what it invested in. On the contrary, it exclusively invested in these areas to provide the best possible interest rates to their customers. In a video about ACE bank, the viewer sees potential bank customers being introduced to the idea. Some are very skeptical, others appear seriously interested and some thought it was a parody. The new bank made headlines in TV news and newspapers, but after a week of speculation, it was closed down by Belgian bank authorities. Apparently furious about the decision, ACE bank called for a press conference. Here, they named all the major banks and their investment in similar products and demanded that if ACE bank had to close because of its investment practices, then all other banks had to close as well.

Posted by crux on

Staff rating: 

It certainly got some attention.... It was part of an ongoing campaign. Would take research to know, but... benefit of the doubt?

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