Belgian NGOs 11.11.11. and Fairfin have accused BNP Paribas of failing to take responsibility for excluding clients and companies involved in international law violations.
They urge the Belgian Government, a shareholder in BNP Paribas Fortis since the 2008 banking crisis, to pressure the bank to divest from companies implicated in alleged war crimes, according to De Standaard on Friday.
Documents from the US Securities and Exchange Commission reveal that BNP Paribas Securities Corp North America, the bank’s American securities division, traded two million shares in Elbit during the first quarter of 2025.
Elbit is Israel’s largest arms producer and a key supplier to the Israeli military, providing missiles, bombs, drones, ammunition, and grenades used in the Gaza conflict.
NGOs 11.11.11. and Fairfin discovered the transaction. Willem Staes from 11.11.11. stated, "If BNP Paribas is serious about its ‘ethical investment’ commitments, it must withdraw from Elbit and blacklist the company along with others involved in severe international law violations in Gaza and the West Bank."
BNP Paribas Fortis responded that its US entity only acted as a broker for a client on the American stock market, and the bank itself did not and does not own shares in Elbit Systems Ltd., nor does it finance Elbit.
