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#natwest

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DoomsdaysCW

#Banks and financial institutions profiting from #weapons

By Clare Carlile
Friday 7th of April 2023

High street banks are funding some of the world’s most notorious #ArmsCompanies. We look at which banks are involved and what consumers can do. We also look at the wider financial industry and its links with #NuclearWeapons in particular.

How are banks financing the arms industry?

"Banks are behind almost every industry in the world, through their loans, insurance and other kinds of financing, including the arms industry.

"By funding arms companies, banks allow them to grow and innovate – developing new forms of #lethal weapons.

"In fact, banks are behind companies involved in the very worst forms of arms, such as nuclear weapons and #ClusterMunitions, despite the latter being banned by 120 countries.

"Unsurprisingly, arms companies are not generally picky about who they sell weapons to. This means that if a bank is funding an arms company, it may well be one that is selling to oppressive regimes.

Which banks are involved in financing arms companies?

"Unfortunately, many banks still finance arms companies.

"While some have said they will not fund the most destructive weapons, lots fall far short of refusing funding to arms companies altogether. And it is not just banks that are involved in the global arms trade. Lots of other financial institutions, such as investors, are also involved.

"Over three quarters of the brands included in our ethical current accounts guide lost half a mark under Arms & Military supply for their investments. This included all the five major high street banks: #Barclays, #HSBC, #Lloyds, #NatWest and #Santander.

"Banks such as Barclays, Lloyds, NatWest, Santander and #Citigroup, and other financial institutions such as #Aviva and #OldMutual have been named in relation to funding cluster munitions, nuclear weapons on the sale of arms to #Yemen.

What weapons are banks funding?
Banks funding cluster munitions

“Cluster munitions are indiscriminate weapons that pose a serious threat to civilian populations during and long after an attack. They spread dozens, or even hundreds, of bomblets called submunitions over an area the size of a football stadium or even more. On impact cluster munitions kill or maim anyone that is in that area. Also, many submunitions fail to explode on impact: they remain on the ground like landmines that kill and injure civilians long after the conflict has ended.'

"120 countries have signed a Convention that that bans the use, production, stockpiling and transfer of #ClusterBombs.

"Yet, in 2018, the Cluster Munition Coalition found that financial institutions had invested almost $9 billion in companies producing cluster munitions. Citigroup and Old Mutual were both found to invest in companies involved.

"Amongst the banks named in the report, Triodos, Co-operative Bank and Royal Bank of Scotland were all praised for having divestment policies in place.

"However, Aviva, Axa, Deutsche Bank, Edentree Investment Management, HSBC, Lloyds Banking Group, Bank of Scotland and Standard Chartered were all found to have incomplete policies in place."

ethicalconsumer.org/money-fina

Ethical Consumer · Banks and financial institutions profiting from weapons | Ethical ConsumerHigh street banks are funding some of the world’s most notorious arms companies. We look at which banks are involved and what consumers can do. We also look at the wider financial industry and its links with nuclear weapons in particular.
#WarIsBigBusiness#NoWar#WeaponsManufacturers
Public
Chuck Darwin

The high street banking group #NatWest is the latest company to be targeted by the Texas comptroller, #Glenn #Hegar, who has been naming companies that ✅restrict their business dealings with climate-harming fossil fuel firms

Texas officials have added #NatWest Group to a growing list of financial firms 🔸considered to be taking part in a “boycott” of energy companies,🔸 in a move that could limit the UK bank’s business with the oil-rich US state.
theguardian.com/business/artic

The Guardian · Texas comptroller adds NatWest to list of companies ‘boycotting’ fossil fuel firmsBy Kalyeena Makortoff
Public
Ariadne

" #HSBC and #NatWest accused of financing #NorthSea #oil #extraction despite pledge
Two major #UK high street #banks have been accused of continuing to finance #FossilFuel expansion in the North Sea despite signing a pledge to align their activities with the net zero #climate goal.

HSBC and NatWest have provided tens of millions in finance to #Ithaca Energy, a #British oil and #gas company that is playing a key role in plans to exploit the controversial #Rosebank oilfield north-west of the #Shetland Islands. Another high street bank, #Lloyds, also provided finance but has since sold down the debt.

A group of more than 80 organisations including #GlobalWitness, #Greenpeace and the #RainforestActionNetwork have written to the banks’ chief executives calling on them to cease funding Ithaca and to end their relationship with the company."

theguardian.com/business/2024/

The Guardian · HSBC and NatWest accused of financing North Sea oil extraction despite pledgeBy Damien Gayle
#FossilFuels#Capitalism#UKPolitics
Public
jackLondon

#NatWest unveils highest yearly profit for 26 yrs

Good to see at least some peopole are doing well in this grim period (sarcasm!)

Presumably those uncapped bonuses will require highr imports of champagne this year

Meanwhile our chancellor contemplates making even deeper cuts to public sector funding - when councils run by all parties & none are moving to emergency operation - in order to fund electoral bribes - which he knows won't work

We need #2024GE so urgently!
bbc.co.uk/news/business-683150

BBC NewsNatWest unveils highest yearly profit for 26 yearsPaul Thwaite is the bank's new boss replacing Alison Rose who resigned after a row over Nigel Farage's account.
Public
Simon Flett

"A NatWest spokesperson said vulnerable & elderly branch customers were being offered support before closure: "Most of our customers are shifting to mobile and online banking, because it's faster & easier for people to manage their financial lives".

Not for joint accounts of personal executors of Estates of deceased relatives. #NatWest he say "No" to online joint authorisation of payments by Executors, or use of App, even after production of Grant of Probate.
Free tip: Choose a different Bank.

Public
Ptarmigan Gray

Wait so aside from including personal opinions in emails along with legitimate business concerns Coutts and #Natwest did nothing wrong closing his accounts and political parasite Nigel #Farage is as big a financial risk as he is a political one!

theguardian.com/business/2023/

The Guardian · ICO apologises to ex-NatWest chief over claim she broke privacy law on FarageBy Kalyeena Makortoff
Public
jackLondon

#NatWest hit by profit fears as it admits Nigel #Farage failings

Who knew the frog-like spawn of the devil could impact on a major bank's profits?

Or is the #BBC just crap at headlines?

Linking two stories about the same institution together do not make them cause & effect...... someone tell the subbies on BBC News

bbc.co.uk/news/business-672366

BBC NewsNatWest admits serious failings over Farage account closureThe communication of the closure with the former UKIP leader did not follow the bank's policies, a report found.
Public
Andy_S_64🏴󠁧󠁢󠁳󠁣󠁴󠁿

Nigel Farage — not only politically unviable but also a dead loss to anyone doing business with him:

“Law firm Travers Smith, which conducted the review, said "on balance", the decision to close Mr Farage's Coutts account was "predominantly a commercial decision" as the bank "considered its relationship with Mr Farage to be commercially unviable because it was significantly loss-making".

#NatWest#WheresTheMoneyGone
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