Doing business with arms companies and investing in defence stocks was off-limits for years, but Belgian state-owned bank Belfius has now changed its stance.
Even investments in companies that manufacture nuclear weapons are no longer taboo, according to reports from Het Nieuwsblad and L’Echo on Tuesday. "We have noticed an increased interest in investments in defence companies," says spokesperson Ulrike Pommee.
After easing its credit policy for the defence sector in January, albeit with a thorough "risk assessment," Belfius has now also adjusted its investment policy. Previously, Belfius excluded investments in companies that derived more than 10% of their turnover from conventional weapons.
"This commitment remains unchanged for companies headquartered in non-NATO countries but has been relaxed for companies from NATO member states in light of the changed geopolitical circumstances," it says.
"In addition, investments in companies involved in the development, production, or maintenance of nuclear weapons are no longer excluded if they are based in a NATO member state," the bank states.
However, controversial weapons such as landmines, cluster bombs, or chemical and biological weapons remain off-limits.
"Although nuclear weapons share certain characteristics with controversial weapons, NATO considers them crucial for deterrence," Belfius explains.
