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Barclays: We have not ‘divested’ from Israel's largest arms manufacturer
The bank has faced numerous protests from pro-Palestinian demonstrators
November 1, 2024 12:00
The bank has faced numerous protests from pro-Palestinian demonstrators
November 1, 2024 12:00Barclay’s bank has denied allegations that the company has “divested” from Israel’s largest weapons manufacturer Elbit Systems.
Palestine Action, a group responsible for violent protests at both Barclay’s banks and Elbit factories across the UK, claimed on social media that “Barclays PLC has sold all of its shareholdings in Elbit”.
The group’s campaign, which began just over a year ago, included a series of attacks on the bank which included vandalising branch windows and splattering red paint, aimed at disrupting Barclays' operations and increasing the PR costs associated with its investment in Elbit.
According to the most recent SEC filings and NASDAQ data Barclay’s sold their holding in Elbit Systems which was valued at over $3.4m.
This marks a significant shift, as Barclays’ shareholdings in Elbit had steadily increased over the past decade.
However, a Barclays spokesman denied the allegations made by Palestine Action. “Barclays trades in shares of listed companies in response to client instruction or demand and that may result in us holding shares,” he said.
“We are not making investments for Barclays and Barclays is not a ‘shareholder’ or ‘investor’ in Elbit Systems in that sense, and therefore cannot divest; it would be misleading to suggest otherwise. We continue provide a range of financial services to the defence sector, including US, UK and European defence companies.”
Elbit Systems is the primary provider of the Israeli military's land-based equipment and unmanned aerial vehicles. The company has been critical within the defence industry of Israel.
In October 2023, Palestine Action intensified its efforts focusing specifically on Barclays due to its ties with Elbit. The demonstrations reached a critical point on June 10, 2024, when protesters executed a coordinated action that vandalised 20 branches.
In the aftermath, Barclays CEO CS Venkatakrishnan expressed concern about the conflict in the region but also criticised the disruptive tactics employed by Palestine Action.
Throughout the year-long campaign, several activists were convicted, with police estimating damage from the actions to be between £250,000 and £500,000. Many branches were forced to close for extended periods.