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‘Global Alliance for Banking on Values’ Issues Report on the Financial-Military Complex

March 1, 2024 (EIRNS)—The Global Alliance for Banking on Values (GABV) has issued a new report “Finance for War, Finance for Peace,” which was presented in Milan Feb. 29, and drew attention from Vatican News.

In a press release on their website, the GABV says: “The report, commissioned by Fondazione Finanza Etica and GABV and produced by Berlin-based consultancy Merian Research, exposes that over $959 billion is being utilized by financial institutions globally to support arms production and trade (source: Centre Delàs). Of this amount, nearly half a trillion dollars, constituting more than half of the total investment, is contributed by the financial sector in the United States, with an additional $79 billion originating from the top 10 European investors. The 15 largest European banks alone invest €87.72 billion in arms companies, according to a report by the NGO PAX.”

The report calls for “divesting” from the military industry but has no alternative policy.

A table in the report lists “The Top 10 Investors in Arms Companies (Globally),” which are all U.S.-based. In order: Vanguard ($92 billion), State Street ($68 billion), BlackRock ($67 billion), Capital Group ($55 billion), Bank of America ($45 billion), JPMorgan Chase ($33 billion), Citigroup ($28 billion), Wellington Management ($27 billion), Morgan Stanley ($24 billion).

The next table “Top 10 European Investors In Arms Companies” are: BNP Paribas ($14 billion), Deutsche Bank ($13 billion), Crédit Agricole ($10 billion), Société Générale ($7 billion), UBS ($7 billion), Barclays (UK)($6 billion), Groupe BPCE ($6 billion), Legal & General ($5 billion), Banco Bilbao BBVA ($5 billion). Notice that French banks invest three times as much as the only German bank listed, and that no Italian bank is listed among the first 10.

Global Alliance for Banking on Values, founded in 2009 and based in Amsterdam, the Netherlands, refers to itself as “a network of independent banks using finance to deliver sustainable economic, social and environmental development. Our collective goal is to make the banking system more transparent and support positive economic, social and environmental change.”