Skandinaviska Enskilda Banken (SEB) is a Swedish corporate and investment bank operating in the Nordic and countries, serving large global corporations and financial institutions with corporate banking, trading and capital markets and global transaction services. SEB also serves about 4 million individual customers in Sweden and the Baltic countries.[i] At the end of 2015, SEB managed over USD190 billion in assets.[ii]

SEB revised its Arms and Defence Sector Policy in August 2014.[iii] The policy states: “SEB considers nuclear weapons to be controversial weapons as they are indiscriminate and the use would generally be unlawful under international humanitarian law. In addition, although certain countries are allowed to hold and maintain nuclear weapons according to the Nuclear Non-Proliferation Treaty of 1968, all parties have committed to nuclear disarmament. Therefore, SEB does not finance nuclear weapons, nor does SEB finance or invest in companies involved in nuclear weapons programmes.”[iv]

SEB’s new policy covers maintenance and specifically designed delivery systems[v] but is not applied to existing customers who are involved in nuclear weapons related activities though subsidiaries or joint ventures, provided that the company promises that SEB funds will not be used for nuclear weapons related activities.[vi]

The exclusion policy applies to all assets managed by SEB, except for discretionary mandates. Passively managed funds are covered, but implementation of the policy is still in process. This is expected to be completed in the second half of 2015.[vii] External asset managers have to comply with SEB’s exclusion policy, but an exception is made for externally managed active funds not carrying the SEB name.[viii]

SEB’s exclusion list is based on the findings of data provider Ethix SRI Advisors.[ix] As of  July 2016, the companies excluded for their involvement with nuclear weapons are: Airbus Group; Areva ; Babcock International Group ; BWX Technologies; BAE Systems; Boeing; China Shipbuilding Industries; Cohort; Constructions Industrielles de la Mediterranee, CNIM; Finmeccanica; General Dynamics; Huntington Ingalls Industries; Jacobs Engineering; Larsen & Toubro; Lockheed Martin; Northrop Grumman; Premier Explosives; Raytheon Aerospace & Defense; Rolls Royce Holding; Safran; Thales; United Technologies; Walchandnagar Industries. [x]

SEB was also found to have several investments in nuclear weapon producing companies identified by this report, more information can be found in the Hall of Shame.

We commend SEB for adopting a public policy on nuclear weapons and for having strengthened its exclusion policy in 2014 to cover all types of nuclear weapons producing companies including those involved in the maintenance of nuclear weapons and specifically designed delivery systems. We recommend SEB apply the policy to existing contracts and to all financial products including discretionary mandates and externally managed funds. We look forward to engaging with SEB, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.

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


Congratulations SEB!

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Click on “Read the Petition” if you want to modify the text!
I saw on 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 SEB 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 SEB made the following change to make the policy airtight:
• Apply the policy to existing contracts and to all financial products including discretionary   mandates and externally managed funds.

With kind regards,

Or :

Tweet: Even @SEBGroup knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes!

Website: Twitter: Facebook: @SEBGroup


[i] SEB, “Our Customers”, website SEB (, viewed 30 October 2016.

[ii] SEB, “PRI reporting framework 2016”, available at, viewed 30 October 2016.

[iii]SEB, “Arms and Defence sector policy”, 20 Augustus 2014, p.2, available at, viewed 30 October 2016.

[iv] SEB, “Arms and Defence sector policy”, 20 Augustus 2014, p.3, available at, viewed 30 October 2016.

[v] SEB, Correspondence with PAX dated 8 May 2015.

[vi] SEB, “Arms and Defence sector policy”, 20 Augustus 2014, p.3, available at, viewed 30 October 2016.

[vii] SEB, Correspondence with PAX dated 8 May 2015.

[viii] SEB, Correspondence with PAX dated 8 May 2015.

[ix] SEB, Correspondence with PAX dated 8 May 2015.

[x] SEB, “Responsible and active ownership”, website SEB (, viewed 30 October 2016.


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.