Switzerland

4 Financial Institutions currently invest or make available an estimated USD$ 4,862.32 million in nuclear weapons companies.

Hall of Fame

To identify financial institutions with a policy on nuclear weapons, we researched a variety of sources: NGO reports, screening-agency information, financial institutions’ reports and websites, information from campaigners worldwide and other public sources. Based on this information, 33 institutions were found with a published policy specifically excluding nuclear weapons companies.

We then examined the policies and found that 13 deserve a place in our Hall of Fame, because their policy fit the criteria:

  • The financial institution has published its policy and/or a summary of it;
  • The policy excludes investments in nuclear weapon companies (withdrawing past investments and avoiding future investments)
  • The policy has an ‘all-in’ comprehensive scope:
    •  no exceptions for any types of nuclear weapon companies
    • no exceptions for any types of activities by nuclear weapon companies
    • no exceptions for any type of financing or investment by the financial institution

Financial institutions whose nuclear weapon policy does not meet all of the above criteria are included in the “Runners up”. None of the institutions listed in the Hall of Fame invest in any of the 27 identified nuclear weapons producers. A number of these financial institutions have also made their exclusion lists public. Where possible, the links to these lists have been noted for other institutions who wish to adopt similar exclusions.

J. Safra Sarasin Bank (Private)

Bank J. Safra Sarasin Ltd is a sustainable private bank. The Bank provides services and expertise for private and institutional clients. Formerly a subsidiary of Rabobank, Sarasin Bank is a pioneer in sustainable investment, with more than 20 years’ experience in this field.

 At the end of June 2011, the Board of Directors passed a Policy on the Armaments Industry outlining the Bank’s principles on controversial weapons. Controversial weapons include biological and chemical weapons, cluster munitions and anti-personnel mines. Although publicly available documents do not explicitly mention nuclear weapons, the bank has clarified that nuclear weapons are considered controversial.1

The policy states that the Bank will not invest its own funds in the securities of companies that are active in the domain of controversial armaments. In addition, Sarasin will not provide any asset management or investment advisory services to these companies or any services relating to capital markets or mergers and acquisitions. Furthermore, it will not accept the securities of such companies as collateral for loans. In addition to companies active in the domain of controversial armaments, the sustainable investment products developed by the Bank do not invest in any companies generating more than 5% of their total turnover from the manufacture of products and/or the provision of services for the military. The Bank’s sustainable investment products also exclude the top 30 companies with the highest revenues generated from military contracts.2

 

Hall of Shame

This section contains the results of our research into which financial institutions are financing and/or investing in the 27 nuclear weapon companies The analysis was performed according to the methodology and thresholds defined in the methodology explanations below. Each section provides the following information for each financial institution:

  • The types of financial relations which the financial institution has with one or more nuclear weapon 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.

Credit Suisse

Credit Suisse currently has an estimated USD$ 1,297.56 million invested or available for the nuclear weapons producers identified in this report.

Loans

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Credit Suisse was part of the 24 bank syndicate, committing an estimated amount of US$132 million.3

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Crédit Suisse, a subsidiary of Crédit Suisse, was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.4

 

In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Crédit Suisse participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.5

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Crédit Suisse participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.6

 

In March 2011, Huntington Ingalls Industries entered into a US$ 1,225 million credit facility. The facility was split in two tranches: a US$ 650 million revolving credit facility due January 2016 at a base rate of LIBOR+300.000bps and a US$ 575 million term loan due January 2017 at a base rate of LIBOR+325.000bps. The proceeds were used for general corporate purposes. Crédit Suisse participatedin the syndicate of 20 banks, providing an estimated amount of US$ 122.5 million.7

 

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Crédit Suisse participated in the 28 bank syndicate, committing an estimated amount of US$ 12.5 million.8

Investment banking

In October 2011, BAE Systems issued bonds for a total value of US$ 1,250 million. The issue was divided in three tranches: a US$ 500 million 4.750% tranche due October 2021, a US$ 350 million 3.500% tranche due October 2016 and a US$ 400 million 5.800% tranche due October 2041. The proceeds were used for general corporate purposes and to reduce indebtedness. Credit Suisse was one of the five bookrunners, underwriting an estimated amount of US$ 250 million.9

 

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Crédit Suisse, a subsidiary of Credit Suisse, participatedin the syndicate of 31 banks, underwriting anamount of US$ 40.8 million.10

 

In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. Credit Suisse participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.11

 

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. Credit Suisse participatedin the syndicate of 17 banks, underwriting anamount of US$ 40 million.12

 

In November 2012, General Dynamics issued bonds with a total value of US$ 2,400 million. The issue was split in three tranches: a US$ 1,000 million2.250% tranche due November 2022, a US$ 900 million1.000% tranche due November 2017 and a US$ 500 million3.600% tranche due November 2042. The proceeds were used for reduce indebtedness and general corporate purposes. Credit Suisse participated in the 18 bank syndicate,underwriting anamount of US$ 24 million.13

 

In March 2011, Huntington Ingalls Industries issued bonds with a total value of US$ 1,200 million. The issue was split in two tranches: a US$ 600 million7.125% tranche due March 2021 and a US$ 600 million6.875% tranche due March 2016. The proceeds were used for general corporate purposes. Credit Suisse participated in the 13 bank syndicate,underwriting an estimated amount of US$ 225 million.14

 

In July 2011, L&T Finance Holdings a subsidiary of Larsen & Toubro, issued shares through an Initial Public Offering (IPO), raising INR 12360.7million (US$ 279.7 million). The proceeds were used for paying fees & expenses, investing in other companies, capital expenditures, reducing indebtedness and general corporate purposes. Credit Suisse participatedin the syndicate of six banks, underwriting an estimated amount of US$ 46.6 million.15

 

In November 2010, Northrop Grumman issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million 1.850% tranche due November 2015, a US$ 300 million 5.050%tranche due November 2040 and a US$ 700 million 3.500% tranche due March 2021. The proceeds were used for general corporate purposes, to reduce indebtedness and for working capital. Credit Suisse participated in the 12 bank syndicate,underwriting anamount of US$ 150 million.16

 

In May 2013, Northrop Grumman issued bonds with a total value of US$ 2,850 million. The issue was split in three tranches: a US$ 1,050 million3.250% tranche due August 2023, a US$ 950 million4.750% tranche due June 2043 and a US$ 850 million1.750% tranche due June 2018. The proceeds were used for reducing indebtedness, future acquisitions, working capital, stock repurchase and general corporate purposes. Credit Suisse participated in the 26 bank syndicate,underwriting an estimated amount of US$ 35.6 million.17

Asset management

Table 1 provides an overview of the nuclear weapon companies in which Credit Suisse owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 1         Shareholdings of Credit Suisse

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 0.55 32.06 26-Feb-2013 until 01-Jun-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

 

GAM Holding

GAM Holding currently has an estimated USD$ 194.78 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 2 provides an overview of the nuclear weapon companies in which GAM Holding owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 2         Shareholdings of GAM Holding

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
BAE Systems United Kingdom 1.20 194.78 10-Oct-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Pictet & Cie

Pictet & Cie currently has an estimated USD$ 19.29 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 3 provides an overview of the nuclear weapon companies in which Pictet & Cie owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 3         Shareholdings of Pictet & Cie

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Aecom United States 0.57 19.29 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

UBS

UBS currently has an estimated USD$ 3,350.69 million currently invested or available for the nuclear weapons producers identified in this report.

Loans

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. UBS was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.18

 

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. UBS was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.19

 

In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. UBS participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.20

 

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. UBS participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.21

 

In August 2011, Lockheed Martin secured a five-year revolving credit facility with a value of US$ 1,500 million at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. UBS participated in the 21 bank syndicate, committing anamount of US$ 55 million.22

 

In March 2011, SAIC signed a US$ 750 million revolving credit facility due March 2015 at a base rate of LIBOR+120.000bps. The proceeds were used for general corporate purposes and refinancing of a 2007 loan. UBS was part of the syndicate of nine banks, participating with an estimated amount of US$ 64.3 million.23

 

In February 2012, SAIC entered into a US$ 750 million revolving credit facility due February 2016 at a base rate of LIBOR+120.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. UBS was part of the syndicate of six banks, participating with an estimated amount of US$ 112.5 million.24

 

In April 2013, SAIC secured a US$ 750 million revolving credit facility due April 2017 at a base rate of LIBOR+120.000bps. The proceeds were used for refinancing bank debt. UBS was part of the syndicate of six banks, participating with an estimated amount of US$ 112.5 million.25

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. UBS participatedin the syndicate of 31 banks, underwriting anamount of US$ 22.5 million.26

 

In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. UBS Investment Bank, a subsidiary of UBS, participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.27

 

In April 2013, EADS issued new shares, raising € 707.1million (US$ 921.6 million). UBS Investment Bank, a subsidiary of UBS, was the sole bookrunner of the issue, underwriting the whole amount of US$ 921.6 million.28

 

In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. UBS Investment Bank, a subsidiary of UBS, participatedin the syndicate of 17 banks, underwriting anamount of US$ 40 million.29

 

In July 2011, Honeywell International issued bonds with a total value of US$ 1,400 million. The issue was split in two tranches: a US$ 800 million4.250% tranche due March 2021 and a US$ 600 million5.375% tranche due March 2041. The proceeds were used for reduce indebtedness and general corporate purposes. UBS Investment Bank, a subsidiary of UBS, participated in the 14 bank syndicate,underwriting anamount of US$ 88.2 million.30

 

In September 2011, Lockheed Martin issued bonds with a total value of US$ 2,000 million. The issue was split in three tranches: a US$ 500 million 2.125% tranche due September 2016, a US$ 900 million 3.350% tranche due September 2021 and a US$ 600 million 4.850% tranche due September 2041. The proceeds were used for general corporate purposes and to reduce indebtedness. UBS participated in the 15 bank syndicate,underwriting anamount of US$ 80 million.31

 

In May 2011, Rockwell Collins entered into a US$ 850 million five-year unsecured revolving credit at a base rate of LIBOR+87.500bps. The proceeds were used for general corporate purposes, acquisition and refinancing debt. UBS was part of the syndicate of 12 banks, participating with an amount of US$ 85 million.32)

 

In December 2010, SAIC issued bonds with a total value of US$ 750 million. The issue was split in two tranches: a US$ 450 million4.450% tranche due December 2020 and a US$ 300 million5.950% tranche due December 2040. The proceeds were used for repurchasing additional shares of common stock and general corporate purposes. UBS Investment Bank, a subsidiary of UBS, participated in the ten bank syndicate,underwriting an estimated amount of US$ 26.8 million.33

Asset management

Table 4 provides an overview of the nuclear weapon companies in which UBS owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 1         Shareholdings of UBS

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock International United Kingdom 0.62 36.90 26-Feb-2013 until 01-Jun-2013
BAE Systems United Kingdom 2.58 425.06 10-Oct-2012 until

06-Jun-2013

Boeing United States 0.99 651.90 31-Mar-2013
General Dynamics United States 0.78 195.49 31-Mar-2013 until 31-May-2013
ThyssenKrupp Germany 0.54 49.78 31-Jan-2013 until

30-Apr-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Table 5 provides an overview of the nuclear weapon companies in which UBS owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 2         Bondholdings of UBS

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
GenCorp United States 0.83 5.50 31-Mar-13
Huntington Ingalls Industries United States 0.50 5.96 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

 

References

 


  1. Sarasin Bank, “Annual Report 2012”, p. 76. Available at http://www.jsafrasarasin.com/internet/com/annual_report_2012.pdf, last viewed September 2013. 

  2. Sarasin Bank, “Annual Report 2012”, p. 76. Available at http://www.jsafrasarasin.com/internet/com/annual_report_2012.pdf, last viewed September 2013. 

  3. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. 

  4. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  5. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 17 November 2011. 

  6. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  7. Thomson ONE Banker, “Tearsheet 2710668116 and 2710669116”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011. 

  8. Thomson ONE Banker, “Tearsheet 2886058116”, Thomson ONE Banker (www.thomsonone.com), 04 September 2012. 

  9. Thomson ONE Banker, “Tearsheet 2351100006, 2351096006 and 2351013006”, Thomson ONE Banker (www.thomsonone.com), 5 October 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed July 2013; BAE Systems, “BAE Systems plc – Interim Management Statement for the period from 1 July 2011 to 11 October 2011”, BAE Systems, 12 October 2011 (www.baesystems.com/Newsroom/NewsReleases/autoGen_111912103212.html). 

  10. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  11. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. 

  12. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. 

  13. Thomson ONE Banker, “Tearsheet 2464197001, 2464300001 and 2464301001”, Thomson ONE Banker (www.thomsonone.com), 01 November 2012. 

  14. Thomson ONE Banker, “Tearsheet 2281859006 and 2286742006”, Thomson ONE Banker (www.thomsonone.com), 04 March 2011. 

  15. Thomson ONE Banker, “Tearsheet 2224426009”, Thomson ONE Banker (www.thomsonone.com), 30 July 2011. 

  16. Thomson ONE Banker, “Tearsheet”, Thomson ONE Banker (www.thomsonone.com), 01 November 2010. 

  17. Thomson ONE Banker, “Tearsheet 2525118001, 2525403001 and 2525406001”, Thomson ONE Banker (www.thomsonone.com), 28 May 2013. 

  18. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. 

  19. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. 

  20. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 26 November 2011. 

  21. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. 

  22. Lockheed Martin, “Form 8-K”, Lockheed Martin, 26 August 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=11&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheet 2767733115”, Thomson ONE Banker (www.thomsonone.com), 26 August 2011. 

  23. Thomson ONE Banker, “Tearsheet 2705580116”, Thomson ONE Banker (www.thomsonone.com), 11 March 2011. 

  24. Thomson ONE Banker, “Tearsheet 2825224116”, Thomson ONE Banker (www.thomsonone.com), 17 February 2012. 

  25. Thomson ONE Banker, “Tearsheet 2969555116”, Thomson ONE Banker (www.thomsonone.com), 19 April 2013. 

  26. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. 

  27. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. 

  28. Thomson ONE Banker, “Tearsheet 2516543095”, Thomson ONE Banker (www.thomsonone.com), 26 April 2013. 

  29. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. 

  30. Honeywell International, “Prospectus supplement: $800,000,000 4.250% Senior Notes Due 2021, $600,000,000 5.375% Senior Notes Due 2041”, Honeywell International, 14 February 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheets 2280086001 and 2280355001”, Thomson ONE Banker (www.thomsonone.com), 14 February 2011. 

  31. Lockheed Martin, “Prospectus supplement: $500,000,000 2.125% Notes Due 2016, $900,000,000 3.350% Notes Due 2021, $600,000,000 4.850% Notes Due 2041”, Lockheed Martin, 6 September 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=1&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheets 2342467001, 2342508001 and 2342509001”, Thomson ONE Banker (www.thomsonone.com), 6 September 2011. 

  32. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. Rockwell Collins, “United States Securities and Exchange Commission: Form 8-K”, Rockwell Collins, Inc., 26 May 2011. (investor.rockwellcollins.com/phoenix.zhtml?c=129998&p=irol-sec&secCat01.1_rs=21&secCat01.1_rc=10&control_searchbox=&control_selectgroup=3 

  33. Thomson ONE Banker, “Tearsheet 2248683006 and 2248855006”, Thomson ONE Banker (www.thomsonone.com), 13 December 2010. 

This page contains country specific information from the 2013 Don’t Bank on the Bomb report. It identifies which financial institutions have significant financing relationships with one or more of the 27 nuclear weapons producers.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers. They have provided various types of financial services to nuclear weapon companies. The most important are loans, investment banking and asset management.

All sources of financing provided since 1 January 2010 to the companies listed were analysed from annual reports, financial databases and other sources. The financial institutions which are most significantly involved in the financing of one or more nuclear weapon companies are shown here. See the full report for both a summary and full description of all financial institutions which are found to have the most significant financing relationships with one or more of the selected nuclear weapon companies, by means of participating in bank loans, by underwriting share or bond issues and/or by share- or bondholdings (above a threshold of 0.5% of all outstanding shares or bonds).