Barclays bank ‘divests’ from Israeli weapons company, activists say
31st October 2024
BRITISH banking giant Barclays has sold all of its shares in Israel’s largest weapons company, Elbit Systems Ltd.
According to British activist group Palestine Action, which has been protesting against the bank’s investments in Israel, Barclays has until recently owned over 16,000 shares in Elbit Systems.
But in the latest US Securities and Exchange Commission (SEC) filings, Barclays owned ‘zero’ shares in Elbit Systems (ELST), down 16,345 since the previous filing, dated 15 May 2024 and worth over £3.4m.
Palestine Action said: “The most recent SEC filings and NASDAQ data record an immediate total sale of Barclays’ ELST shares, abruptly sold just when Palestine Action’s campaign hit them hardest.”
Barclays’ decision follows a year of increased pressure on the bank by the UK-based activist group, which has carried out protests outside Barclays branches around the country.
In some instances, bank windows were smashed by activists and red paint sprayed on buildings, to highlight the blood being spilt as a result of Barclays’ investments.
A Barclays spokesperson denied that the company had been a shareholder in Elbit systems, technically.
“Barclays trades in shares of listed companies in response to client instruction or demand and that may result in holding shares,” the spokesperson told the media.
“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 to provide a range of financial services to the defence sector, including US, UK and European defence companies.”
A report released in May found that Barclays holds over £2 billion in shares of companies whose weapons, components, and military technology have been used in violence against Palestinians by Israel.
Barclays also provided over £6.1billion in loans and underwriting to these arms and military technology companies. This has included holding £2.7m in Elbit Systems, which supplies the Israeli military with armoured drones, munitions, and artillery weapons used in its attacks in Gaza.
Palestine Action said its protest actions sought to raise the costs associated with dealing with Elbit, which it said was a major contributor in genocidal acts against Palestinians in Gaza since Israel’s brutal war on the enclave began in October 2023.
Palestine Action emphasised it has “adopted radical direct action tactics which include sabotage of key infrastructure to physically prevent continued support for destructive and lethal business operations.”
Several activists who targeted Barclays have been arrested over the past year, accused of causing damage costing between £250,000 to £500,000 in value.
“Through focussed strategy, direct action has achieved multiple successes and forced the hands of many complicit institutions,” a Palestine Action spokesperson said.
“We will remain committed and focused to the task at hand and target any and all institutions and businesses which enable Israel’s biggest weapons firm to maintain their genocidal operations. That means, if Barclays does reinvest into Elbit Systems in the future, Palestine Action will come knocking again.”
In August, the Financial Times reported Barclays was planning to withdraw from new Israel government bond auctions amid pressure from pro-Palestine activists.
The report said the bank was, “trying to address criticisms of its investments in Israel.”
