Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Ukrainian UK

Dutch bank to stop financing tobacco sector due to health issues

Latest news

    View the original article:

    The Netherlands’ third-largest bank ABN Amro said it is no longer accepting clients from the tobacco industry.

    Read more

    Marlboro maker says it may stop selling cigarettes

    The decision comes as the lender has signed a cooperation agreement with Dutch heart foundation Hartstichting that is campaigning to reduce tobacco consumption to protect people with cardiovascular disease.

    According to recent research, smoking kills about 20,000 people in the country of nearly 17 million people every year.

    “Our core value is that everybody has a right to be healthy. The core activity of those in the tobacco industry is not compatible with our core values,” said Marianne Verhaar, the bank’s director of relationship management for institutions and charitable organizations, as quoted by AFP.

    Hartstichting is reportedly moving half of its assets, about €35 million, to the bank. The foundation expects other financial institutions to follow suit.

    “We started making our own suppliers smoke-free two years ago. Companies that work for us may not have a relationship with the tobacco industry. ABN Amro has shown true involvement. There is great support for the measure at the bank. We hope that this is a signal for other banks and investment funds,” Floris Italianer, director of the foundation, told the Netherlands’ daily Trouw.

    The organization is still involved in business relations with other banks investing in the tobacco sector, but the issue is currently being discussed with them.

    ABN Amro said existing contracts with tobacco industry customers would be respected. However, the Amsterdam-based bank will not renew them with no new agreements.

    “Therefore we have drawn up a moratorium when it comes to extending credit to tobacco producers,” Verhaar said.

    Earlier this week, the Netherland’s government adopted measures to tighten the sector by minimizing the visibility of cigarettes in retail stores.

    In the same category are

    ‘Alien fossil’ mystery: Age, origin & bizarre mutations of baffling 5-inch skeleton revealed Back in 2003 conspiracy theorists were in a tizzy following the discovery of an alien-like skeleton in a remote Chilean town. Theories spread about th...
    Russian-speaking minority in Latvia protests against new legislative attack on their identity Latvia’s largest opposition party has called for the reversal of education reforms that threaten Russian-language classes in the country’s schools, cl...
    ‘Suspicious’ microwave causes City of London lock-down, Twitter takes the p**s The City of London went into lockdown on Friday morning amid a bomb alert over a suspicious package, which turned out to be an old microwave. The item...
    Samba in the snow: Russia beat Brazil 6-0…in fan friendly game before Moscow international Fans of Team Russia hosted their counterparts from Brazil in Moscow for a kickabout in the lead up to their two countries’ international friendly. The...
    Free showers to be available in Moscow for football fans attending World Cup matches Football fans visiting Moscow for the FIFA World Cup this summer will be able to take advantage of free showers and sanitation rooms offered by Russia...
    EU recalls Russia envoy, backs UK belief Moscow ‘highly likely’ responsible for Skripal poisoning EU leaders see “no plausible alternative explanation” for the Skripal poisoning and are set to recall their ambassador to Russia for consultations, pr...

    Leave a comment

    Your email address will not be published. Required fields are marked *