Deutsche Bank to stop banking on the bomb

May 24, 2018

Big news from the financial sector: in an update to its investment policies, Germany’s Deutsche Bank excludes nuclear weapons producers.

In a statement on its website Deutsche bank elaborates: “the Policy published today makes clear that Deutsche Bank avoids entering into, or continuing, any kind of business relationship with entities with clear, direct links to the following types of Controversial Weapons business:

  • Cluster Munitions (CluMu)
  • Anti-Personnel Mines (APM)
  • Chemical, Biological, Radiological, Nuclear Weapons (CBRN)
  • Controversial Conventional Weapons (CCW)”
The move follows intense pressure and negotiations by campaigners from Don’t Bank on the Bomb and ICAN Germany. In acknowledgement of civil society’s significant role in achieving this new policy, campaigner Jonathan Seel was invited to speak on belief of ICAN at the Deutsche Bank’s General Assembly today.

He closed his statement with a clear reminder that while this policy a great first step, the Deutsche Bank must follow up on this commitment:

“Ladies and Gentlemen, Congratulations on your new policy. Now we expect the words to be followed by action. Deutsche Bank should publish an exclusion list to clarify which companies are affected by your definition. And she [sic.] should report regularly on the implementation. You’ve taken an important step – but that’s not the end, it’s the beginning. With luck, this beginning will contribute to the end of the nuclear threat.”

Maaike Beenens, from Don’t Bank on the Bomb, welcomes the new policy by Deutsche Bank, saying “This is an important step in the right direction. With the new policy, Deutsche Bank clearly recognizes that investments in any type of nuclear weapons companies are unacceptable. With growing threats to use nuclear weapons, this announcement is a timely reminder of the choice we all face- nuclear weapons or our collective future. We welcome this decision, and hope to see divestment by Deutsche Bank from all nuclear weapon producers.” For more about Don’t Bank on the Bomb’s position on this development read their full statement here.

ICAN welcomes Deutsche Bank’s move to divest from nuclear weapons as a sign that financial institutions are also recognising the illegitimacy of nuclear weapons. When the Treaty on the Prohibition enters into force, banks too will have to cut ties to these immoral, inhumane and illegal weapons. So who’s next?

 



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