Montrealers say no to Scotiabank’s complicity in war crimes
Montreal, Monday April 15th, 2024 – This morning, dozens of Montrealers conducted a sit-in at the Scotiabank branch at Sherbrooke and Metcalfe in response to A15, the call for a globally coordinated economic blockade to stop state complicity in the genocide of the Palestinian people. The protestors demand that Scotiabank divest from Elbit Systems, an Israeli military technology company and defense contractor, whose weapons have been used to murder Palestinians in Gaza and the West Bank, and that the bank end its complicity in funding a genocide. Scotiabank is Elbit Systems’ largest foreign shareholder with a stake of $400 million. Due to mounting pressure since Israel’s ongoing genocide in Gaza began, Scotiabank has recently cut 14% of their stakes in the weapons manufacturer. “We are here to say that is not enough and to join the international call for a complete boycott and divestment from institutions that support the ongoing campaign of genocide against the Gaza strip and the people of Palestine. We want a full divestment from Israeli businesses, and weapons manufacturers must be the first to be held accountable,” says Marwa Khoury, one of the participants.
Elbit Systems is an Israeli weapons manufacturer that produces drones, weapons systems and munitions used in Israel’s colonization and occupation of Palestine. Elbit Systems markets their weapons as ‘battle tested’, referring to the fact that these weapons have been used in the ongoing colonial violence against Palestinians. “Business cannot go on as usual while a genocide is happening. It has been over half a year that Elbit Systems’ weapons have been used to kill tens of thousands of Palestinian people. We will no longer allow Canadian money that we’ve entrusted to Scotiabank to be used to fund genocide without expressing our fervent dissent. As a Canadian company, and the largest foreign shareholder in Elbit Systems, we ask Scotiabank to divest from Elbit and reinvest this money in companies not participating in a genocide,” says Francine Kaufman, another participant.
Elbit Systems-made weapons have been used in war crimes committed by Israel including the construction of the Apartheid Wall and the massacres of Palestinian civilians. Most recently, the Hermes drone that made headlines when it was shown to be responsible for killing seven World Central Kitchen workers last week. Prior to this, the Hermes drone has been responsible for the deaths of Palestinian children, students and families for over a decade. Elbit Systems provides over 85% of the IOF’s drones.
Scotiabank must stop funding Elbit Systems and Israeli drones. Scotiabank has already been targeted by hundreds of concerned citizens in many cities all over Canada. Numerous banks and investment funds have already taken the decision to divest from Elbit Systems, including the Norwegian Pension Fund, U.K.-based HSBC, the Danske Bank and the Australian Sovereign Wealth Fund. “We’re here today to tell Scotiabank that they can and must divest too,” says Francine Kaufman.
