The Bank of Nova Scotia’s asset management division, 1832 Asset Management, cut its stake in the company from 5.1 per cent in the third quarter of 2023 to 4.3 per cent in Q4. The bank remains Elbit’s largest shareholder outside Israel, with its holding worth over US$400 million as of December 2023. (Bloomberg, The Logic)
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The Bank of Nova Scotia’s asset management division, 1832 Asset Management, cut its stake in the company from 5.1 per cent in the third quarter of 2023 to 4.3 per cent in Q4. The bank remains Elbit’s largest shareholder outside Israel, with its holding worth over US$400 million as of December 2023. (Bloomberg, The Logic)
Talking point: Protesters have long objected to the bank’s financial backing for Elbit, which supplies weapons to the Israeli military. Calls for the bank to divest have mounted since the Israel-Hamas war began last October. Demonstrators briefly occupied the bank’s headquarters in Toronto in November during an international “day of action” against companies deemed to support Israel’s military. Angus Wong, a campaign manager for advocacy group Eko, told Bloomberg that Scotiabank’s “quiet divestment still falls short,” and called for a full sale of the assets.
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