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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.
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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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.