Scotiabank Subsidiary Fully Divests From Israeli Arms Firm
Scotiabank's subsidiary firm, 1832 Asset Management, has sold its remaining shares in Israeli arms manufacturer Elbit Systems Ltd., according to regulatory filings reported on 16 February.
The latest disclosure to the US Securities and Exchange Commission no longer lists Elbit among 1832’s holdings, ending an investment that once made the Canadian bank the company’s largest foreign shareholder.
In a press release on Monday, No Arms in the Arts, a Canada-based arts coalition opposing institutional ties to the arms trade and Israel’s actions in Palestine, and Just Peace Advocates, a Canadian human rights organization, said the sale followed “more than two years of sustained organizing that made the bank’s investment a liability.”