BNP Paribas is ceasing its financing and investment activities related to tobacco companies.
This decision concerns all the professional players whose principal activity is linked/dedicated to tobacco.
The World Health Organisation (WHO), United Nations’ agency specialised in Health, identified tobacco as the first avoidable cause of deaths, and instituted in 2003 the Framework Convention on Tobacco Control, the first global public health treaty.
BNP Paribas today announced it is ceasing its financing and investment activities related to manufacturers of tobacco products, as well as producers, wholesalers and traders whose revenue is derived mainly from tobacco.
The World Health Organization (WHO) Framework Convention on Tobacco Control, the first legally-binding global public health treaty, focused on the issue of tobacco consumption around the world in order to “protect present and future generations from the devastating health, social, environmental and economic consequences of tobacco consumption and exposure to tobacco smoke.” In particular, it reaffirms “the right of all people to the highest standard of health”, and the importance of measures regarding the reduction of demand and supply in order to meet this objective.
“The WHO has called on the international community regarding the effects of tobacco in terms of health. We have reaffirmed our ambition to finance the economic development while having a positive impact on all our stakeholders, contributing to build a better future.” said Jean-Laurent Bonnafé, Director and Chief Executive Officer, BNP Paribas.
“We are delighted by BNP Paribas’ announcement, and we call on all leaders in the finance sector to stand alongside BNP Paribas in solidarity with health and government sectors across the globe.”, said Dr. Bronwyn King, CEO, Tobacco Free Portfolios.
These new financing and investment measures are part of the BNP Paribas commitment to finance the economy while having a positive impact on all its stakeholders.
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 192,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.