Intesa Sanpaolo is an Italian bank, the result of the merger of Banca Intesa and Sanpaolo IMI. The Italian company has a strong presence in Central-Eastern Europe and on the Mediterranean market. The group offers its services to about 11.1 million customers. [i]
Intesa Sanpaolo’s weapons policy states that the group bans “any banking activity regarding research and/or production and/or trade of controversial weapons and/or those banned by international treaties”, including nuclear weapons.[ii] Intesa Sanpaolo has clarified that this only excludes nuclear weapons producers operating in countries that are not a member of the NPT. Intesa Sanpaolo’s policy does not cover specifically designed delivery systems or maintenance.[iii]
The policy covers commercial banking and investment banking. Intesa Sanpaolo also excludes nuclear weapons producers from some active funds that it manages: Eurizon Ethical International Equity, Eurizon Ethical Diversified and Eurizon Ethical Bonds. However, other asset management activities, including investments made on its own account, investments made on behalf of third parties, discretionary mandates and passively managed funds are not covered by the policy.[iv] Intesa Sanpaolo is working to strengthen the application of its exclusion policies to those categories.[v] The bank does not make use of external asset managers.
To implement its policy, Intesa Sanpaolo uses a non-public exclusion list, based on its own analysis of international reports and sources.[vi]
We commend Intesa Sanpaolo for adopting a public policy on nuclear weapons. We recommend Intesa Sanpaolo apply its exclusion policy to companies regardless of their country of origin. Intesa Sanpaolo should expand its policy to cover all types of nuclear weapons producing companies including those that produce specifically designed delivery systems. It should apply its policy to all financial products including all asset classes. Intesa Sanpaolo is strengthening the application of its exclusion policy and we look forward to assess progress made in that respect in next year’s report. We look forward to engaging with Intesa Sanpaolo, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
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Congratulations Intesa Sanpaolo. 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 Intesa Sanpaolo 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 Intesa Sanpaolo made the following changes to make the policy airtight:
• Apply the exclusion policy to companies regardless of their country of origin;
• Expand the policy to cover all types of nuclear weapons producing companies including those that produce specifically designed delivery systems;
• Apply the policy to all financial products including all asset classes.
With kind regards,
[i] Intesa Sanpaolo, “About Us”, website Intesa Sanpaolo (http://www.group.intesasanpaolo.com/scriptIsir0/si09/eng_index.jsp#/chi_siamo/eng_wp_chi_siamo.jsp), viewed 21 May 2015.
[ii] Intesa Sanpaolo, “RULES ON THE GRANTING OF CREDIT IN THE ARMAMENT SECTOR”, December 2011, page 3., available at (http://www.group.intesasanpaolo.com/scriptIsir0/si09/contentData/view/Regole_settore_armamenti_eng.pdf?id=CNT-04-000000008539D&ct=application/pdf), viewed 21 May 2015.
[iii] Intesa Sanpaolo, written response to PAX dated 7 May 2015.
[iv] Intesa Sanpaolo, written response to PAX dated 7 May 2015.
[v] Intesa Sanpaolo, written response to PAX dated 7 May 2015.
[vi] Intesa Sanpaolo, written response to Profundo, 2014.