The controversial business of Credit Suisse and UBS with manufacturers of war material is going further than previously assumed. A law professor criticizes the federal government’s lax controls.
Published: October 31, 2020, 11 p.m.—
–The proponents of the war deals initiative criticize the business practices of Credit Suisse, National Bank and UBS – here at an action in Bern with a wooden armor.
Foto: Anthony Anex/Keystone
13.3 billion dollars: Credit Suisse, UBS and the National Bank use this amount of money to finance corporations that not only produce civilian goods but also produce war material. This is shown by a new study carried out by the Dutch research agency Profundo. The client was the alliance behind the war deals initiative. The people will vote on the bill at the end of November.
The initiative wants to ensure that no more Swiss money flows into the financing of war material. The National Bank, for example, would have to sell off all investments in this area. According to the study, this involves securities worth around $ 2 billion. The National Bank currently only rules out investments in companies that produce banned weapons. Nuclear weaponshBuilders are still funded – if they work for the five nuclear powers USA, Russia, France, Great Britain and China.
