Hall of Shame

298 Financial Institutions have provided some form of financing for nuclear weapon producing companies identified in the 2013 Don’t Bank on the Bomb report.  These financial relationships are detailed in the Hall of Shame.

Download the 2013 Hall of Shame

This chapter looks at the banks, pension funds, insurance companies and asset managing companies that through their investments help to finance the nuclear weapon industry. 298 are alphabetically listed in this chapter. For each of them, we list the financial involvement they have with any of the 27 nuclear weapon producers identified in Chapter 2.

Each section provides the following information for each financial institution:

  • The estimated total amount (in millions of USD) currently invested in the identified nuclear weapon producing companies combined.
  • The types of financial relations which the financial institution has with one or more nuclear weapon producing companies. The relations are grouped by loans, investment banking and asset management. Financial activities are listed alphabetically by nuclear weapons company for each category.
  • The name of the receiving company, the amount, the date and (if known) the purpose for each financial relation. For loans and bonds the maturity date is given, as well as the interest rate.

Methodology

The involvement of financial institutions in the financing of nuclear weapon producing companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). All findings are referenced in endnotes that can be found at the end of the chapter.

Throughout the chapter, exact amounts are used as reported by the financial institutions or other sources where possible. But where necessary – for example when several institutions participate in a syndicate – estimates were made, using the following rules of thumb:

  • In the case of loans (corporate loans or revolving credit facilities) involving several institutions in a syndicate, 40% of the total amount is committed by bookrunners and 60% by other participants of the syndicate. If, however, the amount of bookrunners is (almost) equal to or higher than the amount of participants, the reverse is used: 60% for the bookrunners and 40% for the others. For example, if there are 5 bookrunners and 4 participants and the amount of the loan is € 100, the estimate will be that the bookrunners commit 60% (€ 12 each) and the participants 40% (€ 10 each).  The amount provided by bookrunners is always higher than the amount provided by participants; 
  • In the case of share- and bond issuances, 75% of the total amount is committed by bookrunners and 25% by other participants of the syndicate. The amount provided by bookrunners is always higher than the amount provided by participants.
  • In the case of share- and bondholdings, the real figures are always published, so no estimates were needed.

All forms of financing meeting the specified criteria are identified, providing the following information for each form of financing:

  • Name of the company receiving financing;
  • Type of financing (loan, guarantee, share issuance, bond issuance, share ownership, bond ownership, other);
  • Total amount;
  • Date;
  • Purpose (if known);
  • For loans and bonds: Maturity and interest rate;
  • Name and country of origin of the financial institutions involved;
  • Amounts provided by each financial institution.

This chapter lists only the financial institutions which are found to have significant financing relationships with one or more of the 27 selected nuclear weapon producing companies. To select these financial institutions, the following criteria were used:

  • All financial institutions involved in loans and underwriting deals for one or more of the 27 companies since 1 January 2010.
  • All financial institutions which own at least 0.5% of the outstanding shares of at least one of the 27 companies.

We found 298 financial institutions that meet these criteria, however some of these financial institutions have specific policies about investing in nuclear weapons producers. Eight (8) of the institutions identified are also listed in the Runners-up category.

The 2013 Executive Summary of this report contains a table illustrating all substantive financial relationships between the 298 financial institutions and the selected 27 nuclear weapon producing companies.

written by

Susi Snyder is the nuclear disarmament programme leader for PAX (formerly IKV Pax Christi) in the Netherlands. She is one of the primary authors of the 2013, 2014, and 2015 Don't Bank on the Bomb reports.

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