NIBC is a Dutch bank that offers corporate and consumer banking activities. The corporate banking arm covers a combination of advice, financing and co-investment activities, whereas the consumer banking department focuses primarily on residential mortgages and online retail saving deposits in Belgium, Germany and the Netherlands.[i]
NIBC’s sustainability policy excludes financing the manufacture, use, trade, stockpile or service of highly controversial weapons. NIBC considers nuclear weapons to be highly controversial weapons. NIBC uses the following definition of nuclear weapons: “For the purpose of this policy, the term nuclear weapon includes the weapon as a whole, as well as its key component parts, specifically designed to form part of the nuclear weapon (e.g. nuclear warheads, missiles carrying the warheads, tailor-made electric/electronic systems, enriched plutonium / uranium, specifically designed engines and guidance systems). Submarines that are designed to launch nuclear missiles are also considered a key component of nuclear weapon production. Services such as testing and maintaining / upgrading of nuclear weapons qualify as servicing nuclear weapons and therefore are also excluded from financing.”[ii]
However, NIBC allows for investments in specific projects of nuclear weapon producers, “provided that the financial services are used for the specific project and not used for the production, sale or distribution of controversial weapons.”[iii] The policy applies to investment banking activities. NIBC is not active in asset management, nor does it outsource asset management activities.[iv]
NIBC makes use of a non-published exclusion list.[v]
We commend NIBC for adopting a public policy on nuclear weapons. We recommend NIBC apply the policy to nuclear weapons producing companies, not only to the activities of producers related to nuclear weapons. We look forward to engaging with NIBC, 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 NIBC. 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 NIBC 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 NIBC made the following change to make the policy airtight:
• Apply the policy to nuclear weapons producing companies, not only to the activities of producers related to nuclear weapons.
With kind regards,
[ii] NIBC, “Sustainability policy”, 16 March 2014, website NIBC (https://www.nibc.com/responsibility/sustainable-business/sustainable-client-relationships.html?tx_rkdownloads_pi1%5Bdownload%5D=2014_NIBC_Sustainability_Policy_website.pdf&cHash=03c2bc0da12bd750fbf9bcafab13a637), pp. 13-14, viewed 12 May 2015.
[iii] NIBC, “Sustainability policy”, 16 March 2014, website NIBC (https://www.nibc.com/responsibility/sustainable-business/sustainable-client-relationships.html?tx_rkdownloads_pi1%5Bdownload%5D=2014_NIBC_Sustainability_Policy_website.pdf&cHash=03c2bc0da12bd750fbf9bcafab13a637), p. 3, viewed 12 May 2015.
[iv] NIBC, written response to Profundo dated 5 June 2014.
[v] NIBC, written response to Profundo dated 5 June 2014.