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BNP Paribas Says It Will Stop Funding for Tobacco Industry

  • French bank is latest financial firm to boycott industry
  • Clients said to include BAT, Imperial Brands and Philip Morris
Bloomberg business news

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BNP Paribas SA will cease funding and advising tobacco companies, the latest financial firm to distance itself from the industry over health concerns.

The French bank will halt transactions and investments related to the sector and “progressively disengage” from relationships with tobacco clients, Laurence Pessez, the bank’s global head of corporate social responsibility, said in an interview in Paris. The decision applies to all types of products and services, though the bank will honor all contractual commitments, she said.