Scotiabank
ScotiabankReuters

The asset management department of the Canadian firm Scotiabank has begun reducing its stake in the Israeli aerospace engineering firm Elbit Systems.

Bloomberg reports that the bank remains the largest non-Israeli shareholder of Elbit.

The bank was subject to significant protests due to the war in Gaza. Pro-Palestinian organizations demonstrated at bank branches calling for Scotiabank to end its investments in Israeli security firms.

The National Council of Canadian Muslims tweeted: “This is a positive step in the right direction by Scotiabank. We encourage Canada to cancel all weapon export permits to any manufacturer involved in this horrific war, including with Elbit, now.”