ZURICH (Reuters) - Credit Suisse has set up a new department to nurture socially conscious investing, the latest effort by a major bank to cater for growing demand for so-called impact investing.

The move was announced by the Swiss bank’s chief executive Tidjane Thiam in a memo to staff seen by Reuters.

Impact investments are made into “companies, organizations, and funds with the intention to generate social and environmental impact alongside a financial return,” the Global Impact Investing Network says on its website.