Banks invest in weapon makers

B

ING, ABN AMRO and Van Lanschot are still investing in bad weapon suppliers. The organizations behind the Fair Bank Guide state this in a new report. In total, this concerns almost 650 million euros in thirteen companies that supply weapons to countries that violate human rights.

The three financial institutions invest in large companies such as Raytheon, Boeing, General Dynamics and others. They deliver combat aircraft, tanks and bombs to Saudi Arabia and the United Arab Emirates, among others, who are currently involved in the war in Yemen. India, Pakistan and Chad are also supplied.

The research shows that ING is investing EUR 510 million in ten arms companies. ABN invests 102 million euros in nine companies and Van Lanschot 31 million euros in six companies. Rabobank, Volksbank, NIBC and Triodos do not invest in the investigated arms companies.

The banking guide is an initiative of Amnesty International, FNV, Milieudefensie, Oxfam Novib, World Animal Protection and PAX.

The Dutch banks stopped their cooperation with the banking guide last year. They are dissatisfied with the quality of the reports, among other things because research and opinions are confused.

“As a result, the banking guide does not give a fair picture of the state of affairs in the sector,” said the Dutch Bankers’ Association (NVB) at the time.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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