We just found out that Scotiabank has quietly become the largest foreign shareholder in Elbit Systems, the infamous weapons manufacturer.
Elbit Systems is known primarily for its weapons used by Israeli military operations in the Gaza Strip – Elbit weapons were heavily used during Israel’s 11-day onslaught against Gaza in May 2021 which left 248 people dead.
Earlier this year, the $200 billion dollar Australia Sovereign Wealth Fund, joined Norway’s largest pension fund and the biggest bank in Europe, HSBC, to divest from Elbit Systems.
With Scotia’s name being tainted in Canadian business news, now is the time to take action.
Sign the petition calling on Scotiabank to divest from Elbit Systems now.
Becoming Elbit Systems’ largest foreign shareholder means
Scotiabank has the most blood on its hands from the murder of thousands
of people. A 2021 Norway Pension Fund report indicates that
Elbit still produces cluster bombs, a weapon banned by 110 countries
including Canada. (Update: we received information from a research firm after the petition was launched that Elbit that as of April 2022, it no longer produces cluster bombs.)
Elbit Systems also produces components for the illegal apartheid wall in the occupied West Bank.
Scotia's 585 million dollar investment in Elbit is suspiciously large for a bank its size. Canada's two biggest banks, TD and RBC, have 3 million dollars owned in Elbit combined. And Elbit Systems is not the only controversial weapons company in Scotiabank’s portfolio – Scotia also owns half a billion dollars in the top 6 nuclear weapons manufacturers. Combined with Elbit Systems, Scotia owns a billion dollars in companies that kill.
Can you call on Scotiabank to divest from a corporation implicated in war crimes?
We know that when we call on Canadian banks to divest, they listen. In 2020, SumOfUs members like you helped launch a campaign calling on TD Bank to divest from Trump’s favourite private prison company, GEO Group. And within 24 hours, TD promised to recommit to never investing in GEO again.
And SumOfUs members were also instrumental in getting French Financial Giant AXA IM to divest from Elbit Systems.
Like with TD in 2020, we just caught Scotia red-handed trying to profit off unethical corporations. And if enough of us speak out now – Scotia would be forced to do the same.
Take action now against Scotia’s divestment in deadly weapons companies now.
BNN Bloomberg. 7 October 2022.
The Guardian. 10 March 2022.