ABN Amro

ABN Amro is a Dutch banking group that serves retail, private and commercial banking customers in The Netherlands and across the globe. The Dutch state acquired ownership of the Dutch activities of ABN Amro Holding N.V. and Fortis Bank Nederland in 2008. ABN Amro Business Unit Netherlands (BU NL) and Fortis Bank Nederland merged in 2010 to form the current ABN Amro.[i] In the first quarter of 2016, ABN Amro reported €415.1 billion in assets.[ii]

ABN Amro’s Defence Policy states that the banking group does not finance or invest in companies involved in the manufacture, maintenance and trade of nuclear weapons or delivery systems that are specifically designed for nuclear weapons[iii], but only if the company’s nuclear weapons related activities are in a country that is not a NATO member state and has not joined the Non-Proliferation Treaty (NPT).[iv]

The exclusion policy applies to ABN Amro’s commercial banking, investment banking and asset management activities, except for its passively managed funds and third-party investments.[v] The exclusion policy “does not apply to assets managed by external parties for which ABN AMRO has developed a separate engagement strategy.”[vi]

ABN Amro maintains a controversial weapons list of companies excluded from their investment universe, which is based on the findings of data provider Sustainalytics.[vii] The list is not publicly available.[viii]

ABN Amro was also found to have several below the threshold investments in nuclear weapon producing companies identified by this report.

We commend ABN Amro for adopting a public policy on nuclear weapons. We recommend ABN Amro extend its policy to all companies, regardless of their country of origin. In addition, ABN Amro should apply its policy to cover all financial products the bank offers, including passively managed funds. Furthermore, ABN Amro should apply its policy to assets managed by external parties. We look forward to engaging with ABN Amro, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.


ABN Amro's policy on nuclear weapons is leaky. Tell them to fix it!


Congratulations ABN Amro!

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Congratulations ABN Amro!

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 ABN Amro 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 ABN Amro made the following changes to make the policy airtight:
• Extend the policy to all companies, regardless of their country of origin;
• Apply the policy to cover all financial products the bank offers, including passively managed   funds;
• Apply the policy to assets managed by external parties.
With kind regards,

Or :

Tweet: Even @ABNAMRO knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes! http://ctt.ec/rck8M+

Website: Twitter: Facebook:
www.abnamro.com @ABNAMRO www.facebook.com/abnamro


[i] ABN Amro, “Our Company”, website ABN Amro (http://www.abnamro.com/en/about-abn-amro/our-company/index.html), viewed 30 September 2016 .

[ii] ABN Amro, “ABN AMRO Group Quarterly Report first quarter 2016”, p.14, available at https://www.abnamro.com/en/images/Documents/Investor_Relations/Financial_Disclosures/2016/ABN_AMRO_Quarterly_Report_2016_Q1.pdf , viewed 30 September 2016.

[iii] ABN Amro, “Defence Policy”, April 2013, p.2, available at https://www.abnamro.com/en/images/040_Sustainability/040_Risk_Management/Attachments/Defence_Policy_-_April_2013.pdf, viewed 30 September 2016; ABN Amro, written response to Profundo dated 27 May 2014.

[iv] ABN Amro, written response to PAX dated 8 May, 2015.

[v] ABN Amro, “Defence Policy”, April 2013, p.1-3, available at https://www.abnamro.com/en/images/040_Sustainability/040_Risk_Management/Attachments/Defence_Policy_-_April_2013.pdf , viewed 30 September 2016; ABN Amro, written response to Profundo dated 27 May 2014

[vi] ABN Amro, “Exclusion List”, April 2013, available at http://www.abnamro.com/en/images/040_Sustainability/040_Risk_Management/Attachments/Exclusion_list_April_2013.pdf, viewed 30 September 2016.

[vii] ABN Amro, “Sustainability Report 2013”, p.31, available at http://www.abnamro.com/en/images/040_Sustainabe_banking/Links_en_documenten/Documenten/Rapportage_-_Sustainability_Report_2013_(EN).pdf, viewed 14 September 2015.

[viii] ABN Amro, written response to Profundo dated 27 May 2014.


Who divests?

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.


Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions not previously reported on were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the financial institutions listed in the Hall of Fame, several publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Some financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list, while others do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 27 identified nuclear weapon producers.