BBVA is a Spanish financing group that offers services in retail banking, business banking, investment banking, insurance and asset management. It operates in more than 30 countries, serving about 51 million customers worldwide.[i]
BBVA’s Rules of Conduct in Defence state: “BBVA will not invest nor provide financial services to companies directly involved in the development, production, testing or maintenance of nuclear weapons for countries that are not signatory to the Non-Proliferation Treaty (NPT), or countries
The exclusion policy applies to BBVA’s commercial banking and investment banking activities. It also covers the investments made for BBVA’s own account. However, the policy does not cover all investments made on behalf of third parties, discretionary mandates, and internal passive funds. Clients can request BBVA to invest their assets in companies that do not meet the Rules of Conduct in Defence. Furthermore, the exclusion policy does not apply to external asset managers.[iv]
BBVA maintains an exclusion list to implement its policy based on research by Sustainalytics, but the list is not publicly available.[v]
We commend BBVA for adopting a public policy on nuclear weapons, We recommend BBVA exclude all nuclear weapon producers regardless of their country of origin. Also, it should expand the scope of its policy to cover all financial products it offers, including all assets managed We look forward to engaging with BBVA, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
BBVA’s policy on nuclear weapons is leaky; send them a message and tell them to fix it!
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Congratulations BBVA. I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because BBVA also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if BBVA made the following changes to make the policy airtight:
• Exclude all nuclear weapon producers regardless of their country of origin.
• Expand the scope of the policy to cover all financial products it offers, including all assets managed.
With kind regards,
[i] BBVA, “Responsible Banking Report 2014”, page 11, available at http://bancaresponsable.com/wp-content/uploads/2015/03/responsible_banking_report_2014.pdf, viewed 20 May 2015.
[ii] BBVA, “Rules of Conduct in Defence”, May 2014, page 6, available at http://bancaresponsable.com/wp-content/uploads/2015/02/norma-defensa_mayo2014-eng.pdf, viewed 20 May 2015.
[iii] BBVA, written response to PAX dated April 23 2015.
[iv] BBVA, written response to PAX dated April 23 2015.
[v] BBVA, written response to PAX dated April 23 2015.