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15 Jan 2018

Groupe BPCE response re financing for cluster munitions

We acknowledge the information you share in your report on our affiliates holding in Textron but note however that this company announced in August 2016 that it was discontinuing its Sensor-Fuzed-Weapon production which came to an end in Q1 2017. We also confirm that BPCE and Natixis strictly apply the policy that was published in 2009, committing to not finance or invest in businesses involved in manufacturing, selling or storing anti-personnel mines or cluster munitions. The policy applies to commercial banking and investments made on our own account, and the third-party investments made by French asset manager Natixis Asset Management... However, the policy does not apply to all investments managed by its United States-based asset managers, where BPCE and Natixis cannot unilaterally enforce their policy, since the United States have still not signed the Oslo Convention on Cluster Munitions. Considering the ethical problem caused by such investments, we however continue our dialogue with the American affiliates to raise awareness on this subject...