SNS Bank is the fourth largest Dutch bank, and offers mortgage, payment and savings products. The company has five brands: ASN Bank, BLG Wonen, RegioBank, SNS and ZwitserlevenBank. As of the end of 2015, SNS Bank had around €63 billion on its balance sheet.[i]
SNS Bank was formerly part of SNS REAAL, which was listed on the stock exchange until it was nationalized in 2013. The separation of the banking and insurance activities of SRH NV (formerly SNS REAAL) was completed in 2015. On 26 July 2015, SRH finalised the sale of the insurance activities to the Anbang Group (China).[ii]
SNS Bank’s responsible investment policy applies to all commercial banking activities and prohibits investments in companies involved in the trade or production of nuclear weapons.[iii]
The Fundamental Investment Principles of SNS Bank’s asset manager ACTIAM states that it “does not invest in companies involved in the production, development, sale, or distribution of controversial weapons and/or essential and/or specialised components or services.” [iv] The asset manager considers nuclear weapons to be controversial weapons.[v] Involvement includes “the development, sale, or distribution of controversial weapons and/or essential and/or specialised components or services”.[vi] The exclusion policy applies to all assets managed, including assets managed by external managers.[vii]
ACTIAM’s exclusion list, which is based on the findings of data provider Sustainalytics[viii] currently contains 34 companies involved in controversial weapons: Aerojet Rocketdyne Holdings; Aeroteh SA; Airbus Group NV (EADS); Aryt Industries Ltd; Ashot-Ashkelon Industries Ltd; Babcock & Wilcox Co/The; Babcock International Group PLC; BAE Systems PLC; Boeing Co/The; Dassault Aviation SA; Finmeccanica SpA; Fluor Corp; General Dynamics Corp; Hanwha Corp; Harris Corporation; Honeywell International Inc; Jacobs Engineering Group Inc; Larsen & Toubro Ltd; Lockheed Martin Corp; Motovilikha Plants JSC; Norinco International Cooperation Ltd; Northrop Grumman Corp; Orbital ATK Inc; Poongsan Corp; Raytheon Co; Rheinmetall AG; Rockwell Collins INC; Rolls-Royce Group PLC; Safran SA; Serco Group PLC; Splav SRPA; ST Engineering Ltd (Singapore technologies); Textron Inc, and; Thales SA.
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I saw on www.dontbankonthebomb.com that you have a comprehensive policy prohibiting investments in nuclear weapons producing companies.
Financial institutions like yours are helping to build the stigma around these inhumane weapons, something that is urgently needed. Nuclear weapons are the only weapon of mass destruction that’s not explicitly outlawed through an international treaty- and thanks to your policy we can show how important and necessary it is that all of society act urgently to prohibit and eliminate nuclear weapons once and for all.
Thank you for your help in creating a nuclear weapons free world.
With kind regards,
[ii] SNS Bank. “Annual report”, page 10, available at https://www.snsbanknv.nl/en/about-us/annual-report-2015, viewed 22 September 2016.
[iii] SNS Bank, “SNS Bank N.V. Verantwoord Investeringsbeleid”, (SNS Bank Responsible investment policy”), July 2016, p.9, available at https://www.snsbanknv.nl/uploads/media/downloads/0001/02/daa9c279d9f501be4ee9b3491c02a579542a3468.pdf
[iv] ACTIAM, “Fundamental Investment Principles”, October 2014, p.7, available at http://www.actiam.nl/nl/duurzaamheid/Documents/Fundamental_Investment_Principles.pdf , viewed 15 May 2015.
[v] ACTIAM, “Fundamental Investment Principles”, October 2014, p.7, available at http://www.actiam.nl/nl/duurzaamheid/Documents/Fundamental_Investment_Principles.pdf, viewed 15 May 2015.
[vi] ACTIAM, “Fundamental Investment Principles”, October 2014, p. 7, available at http://www.actiam.nl/nl/duurzaamheid/Documents/Fundamental_Investment_Principles.pdf, viewed 15 May 2015.
[viii] ACTIAM, written response to Profundo dated 12 May 2014.