Breaking

Dutch bank to stop financing tobacco sector due to health issues

Latest news

    View the original article: https://www.rt.com/business/395478-netherlands-bank-stop-financing-tobacco/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    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

    Hundreds killed and thousands flee as Saudi-led forces bomb Yemeni port to ‘liberate’ it Civilians are fleeing Hodeidah after hundreds were killed in the Saudi-led coalition’s bomb campaign to take the strategic Yemeni port from Houthi reb...
    Man charged with child abuse after five drugged girls found with him in Mississippi cemetery A 20 year-old man faces felony child abuse charges after he was found in a Mississippi cemetery with five underage and drugged girls – two of whom wer...
    Roger Stone’s meeting with man selling ‘dirt on Hillary’ fires up Russiagate It was no less than “a man with a Make America Great Again hat and a viscous Russian accent” who Donald Trump’s former advisor, Roger Stone, met and n...
    Russian embassy beats Uruguay at opening match of ‘DC World Cup’ in Washington (VIDEOS) The international 'DC World Cup' football tournament has kicked off in Washington DC, with the Russian team beating their Uruguayan diplomat colleague...
    9yo girl, elderly man killed as 6.1 quake strikes Japan At least three people have been confirmed killed and more casualties are feared, after a magnitude 6.1 earthquake hit north of Osaka Prefecture in wes...
    ‘Historic’: The reaction to Mexico’s stunning win against world champions Germany WORLD CUP 2018 DAY 4 LIVE #FansEyeView #FootWall 18 Jun, 2018 12:06 Mexico 1-0 Germany: 'Chucky' goal topples reigning champions at raucous Luzhnik...

    Leave a comment

    Your email address will not be published.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

    This site uses Akismet to reduce spam. Learn how your comment data is processed.