Scotiabank Draws Ire for Holding Shares in Israeli Defense Firm

Canadian asset manager has been targeted by advocacy group
Scotia’s 1832 is third-biggest shareholder in Elbit Systems

Bank of Nova Scotia signage is displayed outside Scotia Plaza in Toronto, Ontario, Canada, on Monday, Feb. 12, 2018. Bank of Nova Scotia agreed to buy Canadian money manager Jarislowsky Fraser Ltd. for about C$950 million ($755 million), helping push the bank toward its goal of getting more earnings from wealth management.Photographer: Cole Burston/Bloomberg

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By Layan Odeh

October 7, 2022 at 2:29 PM UTC

Updated on

October 7, 2022 at 4:20 PM UTC

This article is for subscribers only.

Bank of Nova Scotia’s asset-management arm is facing scrutiny for being the largest foreign shareholder in a publicly traded Israeli defense contractor.

SumOfUs, an advocacy group, has launched a petition campaign calling on Canada’s third-largest bank to divest its stake in Elbit Systems Ltd., which has been accused of manufacturing cluster munitions.