Tag Archives: Scotiabank’s 1832 Asset Management mutual fund

International Day of Solidarity with the Palestinian people marked by Scotiabank protests in Uptown Waterloo

The UN International Day of Solidarity with the Palestinian People on Wednesday was marked with a protest outside Scotiabank in uptown Waterloo.

November 29 is the International Day of Solidarity with the Palestinian people, marks the passage of the United Nations Resolution 181 on November 29, 1947, which partitioned Palestine into Arab and Jewish states.

The group was protesting the bank’s involvement with Elbit Systems, which is the primary provider of drones and land-based equipment to the the Israeli military, and called on them to divest from the company.

The protest itself was peaceful and lasted for about 90 minutes during which Scotiabank locked its door and called police. Police questioned protestors but left soon after. Scotiabank refused comment, but in an email to Reuters earlier this week, the bank accused protestors of spreading misinformation and hate speech. Scotiabank stated their exposure to Elbit is via mutual funds managed by their asset management arm.That mutual fund is Scotiabank’s 1832 Asset Management mutual fund which is the third-biggest shareholder in Elbit.

In 2021, Elbit reported revenue of 5.28 billion USD.

This protest against Scotiabank follows several others in recent week, including on November 14, at the Giller Prize ceremony, which celebrates Canadian literature and which is sponsored by the bank, and on November 17 on Bay Street in Toronto.

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