BNP Paribas invests in Israeli weapons as Gaza burns
19 June 2025
3 minutes
BNP Paribas has bought $2 million in new shares in Israeli arms company Elbit Systems, despite the company’s direct involvement in the ongoing genocide. The transaction, conducted by a U.S. unit of BNP, took place in early 2025, just as famine in Gaza reached unprecedented proportions. “The purchase of shares in Elbit, the ‘crown jewel’ of the Israeli arms industry, shows that BNP Paribas is still not taking its responsibility,” conclude 11.11.11 and FairFin.
Elbit is Israel's largest arms manufacturer and one of the main arms suppliers to the Israeli army. The company supplies the military with a wide range of weapons, including missiles, bombs, drones, weapon systems, ammunition and grenades. Elbit's technologies are also in the Israeli army's main fighter aircraft, battle tanks and warships. Elbit drones have been directly involved in numerous well-documented war crimes, including the murder of the seven World Central Kitchen aid workers.
U.S. Securities and Exchange Commission documents viewed by the organizations show that BNP Paribas Securities Corp. North America bought $2025 million worth of shares in Elbit in early 2BNP spokespeople confirmed the transaction, but said the shares were traded on behalf of BNP clients. This claim could not be independently verified.
DEADLY INVESTMENTS
Previous research has shown that BNP Paribas finances arms companies that supply the Israeli army. The bank has also guaranteed $7 billion in Israeli “war bonds” since October 2023, 2. In addition, BNP Paribas consistently tops the list of largest European lenders to companies active in the illegal Israeli occupation of the West Bank. The new transaction comes despite public promises the bank made about 'ethical investing'.
Lack of Belgian action
De Belgian government is since a rescue operation in 2008 one of the main shareholders of BNP Paribas. But Belgium has been under pressure for years from NGOs and members of parliament to force the bank to divest from companies involved in war crimes. Yet so far the government has only sent letters urging “caution” – even as the bank continues to transact with companies involved in Israel’s genocide and illegal occupation.
The federal government announced last month that it would urge the European Commission to ensure that financial institutions and investment funds with European participation do not invest in companies involved in the illegal occupation of the Palestinian territories. The government itself has failed to take decisive action against BNP Paribas.
“Financial relationships with companies involved in war crimes and genocide should be a clear red line, yet BNP Paribas continues its transactions with companies such as Elbit and Israeli war bonds,” it said. Piet Ruig from FairFin“Regardless of the size or nature of the transaction, companies involved in genocide, such as Elbit, should be on BNP’s blacklist.”
"This share purchase follows numerous problematic financial relationships, despite years of campaigning by 11.11.11 and other NGOs,” says Willem Staes from 11.11.11.
If BNP Paribas is finally serious about its promises of “ethical investing,” there is only one thing it can do: divest from Elbit and blacklist the company. Draw a red line against genocide, and do it now.
