Barclays 'divests' from Israel weapons company, activists say

Pro-Palestinian protesters gather outside a branch of Barclays and condemn bankrolling arms companies making weapons and military technology used by Israel on Gaza, in London, United Kingdom on January 27, 2024 [Rasid Necati Aslim/Anadolu via Getty Images]

Barclays has sold all shares in Israeli weapons manufacturer Elbit Systems Ltd, campaign group Palestine Action announced today.

In the latest US Securities and Exchange Commission (SEC) filings, Barclays owned no shares in Elbit Systems Ltd (ELST), down 16,345 since the previous filing, 15 May 2024, worth over $3,400,000, the Canary reported.

This comes after a year of increased protests outside Barclays branches which has seen windows smashed and red paint sprayed over the outside, to highlight the blood being spilt as a result of Barclays’ investments.

Responding to MEMO’s request for comment on today’s news, a Barclays spokesperson said: “Barclays trades in shares of listed companies in response to client instruction or demand and that may result in us holding shares. We are not making investments for Barclays and Barclays is not a ‘shareholder’ or ‘investor’ in Elbit Systems in that sense, and therefore cannot divest; it would be misleading to suggest otherwise. We continue provide a range of financial services to the defence sector, including US, UK and European defence companies.”

A report released in May found that Barclays holds over £2 billion ($2.5 billion) in shares of companies whose weapons, components and military technology have been used in violence against Palestinians by Israel. Barclays also provides over £6.1 billion ($7.6 billion) in loans and underwriting to these arms and military technology companies. This includes holding £2.7 million ($3.36 million) in Elbit Systems, which supplies the Israeli military with armoured drones, munitions and artillery weapons used in its attacks in Gaza.

Denying such reports, the bank says on its website: “Barclays has been the subject of criticism in relation to Gaza based on two arguments: that Barclays is an investor in these businesses, and that we provide a range of financial services to clients which produce equipment used by the Israeli Defence Force.”

Watch: Palestine Action targets Barclays branch in Burnley

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