Canadian financial institutions supporting apartheid Israel

Photo: Canada Palestine Association

A number of people have been asking about banks that are apartheid-free. It would be very rare that a financial institution would be apartheid-free, but people are encouraged to check out details regarding your financial institutions, including credit unions and caisse populaires.  Several years ago we did ask financial institutions in Ontario including credit unions and caisse populaire and none were able to verify they were not invested in illegal Israeli settlements or entities supporting the Israeli military.

Some financial institutions may have investments that are free of Israel-apartheid investments, but these tend to be ones that are specifically designed, and for larger investors. Most of the investments that many people would have are tied to indices that have various investments on companies that are included in the UN database like Israeli-banks, or other problematic apartheid companies. Morgan Stanley Capital International (MSCI) is a typical indices that are used in investments.

One useful tool to check out concerns with investments of major banks.

Also, you can check financial statements and materials on the banks/financial institutions, as well as ask the bank.

A few things from the SHAME list:

Scotiabank – investments in UN data base companies complicit with settlement -Bank Leumi and Mizrahi Tefahot Bank-  as per Bank Track and also major investor in the Israel’s largest arms manufacturer, Elbit. Shame on Scotiabank #Shut Elbit Down. According to Bank Track has investments in settlements. Read about banks.

Bank of Montreal (BMO) – according to Bank Track, BMO has investments in settlements

CIBC – promotes Israel investment, with endorsement from Jewish National fund president.

HSBC: The international HSBC bank is a major shareholder in companies selling weapons and military technology to Israel and also provides those companies with the loans they need to operate. According to Bank Track has investments in settlements. See action you can take,

Manulife – According to Bank Track has investments in Settlements.

Royal Bank of Canada (RBC) – has over 2 M shares valued at over $56 M USD in Palantir holdings. This relationship flies in the face of the recently offered option of a market-linked guaranteed investment certificate based upon environmental, social, and governance investigations which preclude investments in divisive and dangerous elements of society. The RBC also is invested in a number of companies listed in the UN data base and has indicated it can not divest these from their equity instruments, and also we stand in solidarity with the call for the RBC to divest from Costal GasLink. Royal Bank donated money to Israel after Oct. 7, 2023. According to Bank Track has investments in settlements

Tangerine Bank (operating as Tangerine) is a Canadian direct bank that is a subsidiary of Scotiabank

TD Bank – has some investments in Elbit.  Provided support to the United Jewish Appeal (UJA)

A few concerning investments include (courtesy of an article by Brent Patterson on November 6, 2023 in PBI.)

TD Bank holds $16 million in General Dynamics stock

Investigative journalist Eli Clifton has written in The Guardian that an analyst from TD Bank took note of the profit-making potential of the current situation during a General Dynamics third-quarter earnings call on October 25.

The article in The Guardian notes: “The death toll … wasn’t top of mind for TD Cowen’s Cai von Rumohr, managing director and senior research analyst specializing in the aerospace industry. His question was about the upside for General Dynamics, an aerospace and weapons company in which TD Asset Management holds over $16m in stock.”

On the call, Von Rumohr said: “Can you give us some general color in terms of areas where you think you could see incremental acceleration in demand?” Jason Aiken from General Dynamic replied: “If you look at the incremental demand potential coming out of that, the biggest one to highlight and that really sticks out is probably on the artillery side.”

Significantly, Clifton adds: “That next day, Von Rumohr assigned a ‘buy’ rating to General Dynamics’ stock.”

RBC holds USD $57.7 million in Palantir Technologies Inc.

Just Peace Advocates has noted: “As of November 2021, the Royal Bank of Canada (RBC) has 2,403,812 shares of Palantir Technologies Inc Class A (US:PLTR) with total holdings valued at $57,787,000 USD. The RBC holdings in Palantir have been steadily increasing quarter over quarter.”

They add: “Palantir provides Artificial Intelligence (AI) predictive system to Israeli security forces, to identify people in occupied Palestine.”

Earlier this month, Palantir Chief Executive Officer Alex Karp stated: “We are on the front lines fighting what amounts to evil.”

Scotiabank holds $500 million in Elbit Systems stock

Last year, Bloomberg reported: “Bank of Nova Scotia’s asset-management arm is facing scrutiny for being the largest foreign shareholder in a publicly traded Israeli defense contractor … Elbit Systems Ltd., which has been accused of manufacturing cluster munitions.”

Mondoweiss notes: “ In October 2022, Scotiabank’s asset fund put $500 million into Elbit Systems Ltd, which amounts to 5% of the company.”

Bank of Montreal subsidiary provided USD $90 million loan to Elbit

The Breach has also reported: “A Bank of Montreal (BMO) subsidiary loaned an estimated US$90 million in 2021 to a defence-tech company that makes weapons and surveillance equipment used by the Israeli military, The Breach has learned.”

Elbit reportedly provides up to 85 per cent of Israel’s land-based military equipment and approximately 85 per cent of its drones.

Shame on Scotia Bank for funding genocide: Shut down Elbit comes to the Scotia Giller Prize and Scotia HQ

Photo Gallery Week of Action: Shame on ScotiaBank, #ShutElbitDown

Week of Action: September 16-23, 2023: Tell Scotiabank–Divest from Elbit Systems, Divest from War Crimes (poster & downloadable leaflet)

July 18, Vancouver: Stopping Israel’s Killer Drones: Scotiabank, #ShutElbitDown

Scotiabank #ShutElbitDown

Join the campaign to let Scotiabank know that we are not going to sit idly by while they invest in Israeli war crimes.

Shame on RBC: $1.6 M Canadian “humanitarian” aid to Israel & continues to be invested in Artificial Intelligence (AI) predictive system to Israeli security forces, to identify people in occupied Palestine

RBC Prevails in holding unethical investment in Palantir despite stocks plummeting 70%


We join together to call out the Royal Bank of Canada on its ongoing colonialism from Turtle Island to Palestine

Royal Bank of Canada Colonialism from Turtle Island to Palestine

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