June 16, 2025

FOR IMMEDIATE RELEASE

What: 50+ protests across Canada at Scotiabank locations
When: June 14, 2025, National Day of Action

Where: Locations across Canada

Who: Activists, community leaders, and people of conscience. 

Visuals: https://drive.google.com/drive/folders/1e-UGTJav3YnwDqAY2jlD3YXHT5Gu3Qtd?usp=sharing
Media contact: sbfundsgeno@gmail.com

AS ISRAEL INTENSIFIES VIOLENCE IN IRAN AND GAZA, CANADIANS PROTESTED AT OVER 50 SCOTIABANK LOCATIONS COAST TO COAST DEMANDING BANK EXECS STOP GENOCIDE PROFITEERING—AS PART OF A NATIONAL DAY OF ACTION

Protesters Showed Up in Droves to Scotiabank Branches Demanding the Bank Fully Divest Once and For All from Elbit Systems, Israel’s Largest Weapons Manufacturer 

CANADA — On Saturday, June 14, 2025 concerned residents and human rights advocates gathered at over 50 Scotiabank locations as part of a the Scotiabank Funds Genocide campaign National Day of Action.

With hundreds of participants nationally from a diversity of ages and backgrounds, protests led to four locations closing for the day due to the pressure, and to people closing their accounts. Participants included parents of physicians who had volunteered in Gaza, members of the Jewish community, and Palestinians alike who have suffered immensely due to the ongoing onslaught in Gaza. Images from actions across Canada can be found here.

In Courtney, BC, local community members came together to create a mural at what is now named Hind Rajab Plaza, to commemorate 5 year old Hind who called emergency services when she was stranded in her family vehicle surrounded by her murdered family members and was eventually killed herself by tank fire.

“We are here not only to mourn the loss of tens of thousands of lives—including over 30,000 children—but to demand justice,” said Anne-Frederique of Comox Valley 4 Palestine. “This is not a political controversy—it’s a moral emergency. Scotiabank must divest now.”

Renée R of Saskatoon was adamant Scotiabank know that she would no longer be banking with them by cutting up her bank card on the front steps of the 8th Street branch. “My daughter is a doctor and has volunteered in Gaza. It’s abhorrent that Scotiabank, let alone any Canadian institution, profit from genocide. I’ll be taking my business to a credit union instead.”

To kick off the National Day of Action, members of Jews Say No to Genocide, World Beyond War Canada, and No Arms in the Arts took over Scotiabank’s global head office on Friday, June 13th, in Toronto, Ontario, leading to the branch inside the being shut down for several hours. Playing drone sounds to represent the incessant noise pollution made by Elbit drones that surveil and target Palestinians, the coalition of activists enacted a sit-in, calling out several executives who are responsible for 1832 Asset Management investment choices–particularly David Fingold, Neal Kerr, and Jim Morris.

David Fingold, a “prolific investor” at 1832 Asset Management, is central to Scotiabank’s deep ties to controversial Israeli firms. His investments betray an “ideological commitment to Zionism,” as acknowledged in The Globe and Mail, with his managed funds holding a significantly higher-than-typical share (between 11.5 and 14 percent) tied to Israel. Fingold’s social media history, as reported by The Intercept, reveals racist, anti-Palestinian posts and instances of sharing content characterizing Palestinians as supporters of terrorism and Nazism. He even locked his accounts after these reports. Furthermore, his involvement in expanding 1832’s Elbit holdings from 100,000 shares in 2013 to 2.2 million in 2021 highlights a deliberate and escalating financial entanglement.

Neal Kerr, Head of Scotia Global Asset Management and President of 1832 Asset Management, is directly implicated. As the individual responsible for all aspects of asset management, including Scotia, Dynamic, Tangerine, and Jarislowsky Fraser investment businesses, he “tactically endorses every investment made by 1832 Asset Management – including millions in Elbit Systems which manufactures war machinery for Israel’s ongoing genocide.” His signature is on every interim and year-end report, making him unequivocally accountable for these decisions.

Jim Morris, Senior Vice President & Head of Investment Management at 1832 Asset Management L.P., oversees the team of portfolio managers, analysts, and traders who “buy shares in Elbit and make decisions to invest in war crimes.” His role in developing and overseeing this team, coupled with responsibilities for investment risk and oversight, directly links him to the financing of occupation and violence.

Campaign Background

The Scotiabank Funds Genocide campaign is targeting Scotiabank’s continued and increasing investment in Elbit Systems, Israel’s largest privately-owned weapons manufacturer. Elbit Systems is Israel’s largest private arms manufacturer, providing drones, surveillance equipment, and internationally banned chemical weapons, all being used in the genocide in Gaza.

“This isn’t business as usual—it’s profit from war crimes,” said Tamer Abu Ramadan, spokesperson for the campaign. “We refuse to let Scotiabank quietly reinvest in Elbit Systems without consequence. Their role in arming Israel, currently accused of committing genocide, must be exposed and opposed at every level.”

Scotiabank increased its holdings in Elbit Systems by 25% in the final quarter of the year—jumping from $111 million to $180 million. At the end of Q1 of 2025, still refusing to fully divest, Scotiabank maintains shares in Elbit Systems valuing $268 million USD.

This move comes after a year of Scotiabank partially divesting from Elbit, which had been driven by sustained public pressure,which among other outcomes, resulted in the Giller Prize removing Scotiabank as lead sponsor of the prestigious literary prize. 

Now, activists are mobilizing again in response to what they describe as a “clear attempt to profit off shifting political winds and the public’s short memory.”

“Scotiabank: we will continue zeroing in on your corporate image and reputation–as well as on the public standing of every executive who is complicit in these criminal investment decisions–until you fully divest from Elbit Systems.” 

For more information, media inquiries, or interviews about the National campaign, please contact: sbfundsgeno@gmail.com. 

June 13, 2025

MEDIA ADVISORY

FOR IMMEDIATE RELEASE

CANADIANS TO PROTEST AT 40+ SCOTIABANK LOCATIONS COAST TO COAST DEMANDING AN END TO ITS WAR PROFITEERING FROM ELBIT SYSTEMS, ISRAEL’S LARGEST WEAPONS MANUFACTURER, AS THE GENOCIDE IN GAZA RAGES ON

Canada — On June 14th, 2025, a coalition of grassroots activists and justice groups will protest 40+ Scotiabank locations from Coast to Coast as part of a National Day of Action targeting Scotiabank’s continued investment in Elbit Systems, Israel’s largest privately-owned weapons manufacturer.

In a renewed push against Scotiabank following 19 months of protests by organizers across Canada, National Day of Action organizers, Scotiabank Funds Genocide demands Scotiabank divests fully from Elbit Systems. Scotiabank divested from Elbit Systems in the Fall of 2024 reducing their investment to $111 million (USD) but in Q4 of 2024, they re-invested bringing their investments back to $180 million (USD). It’s now Q2 of 2025 and still Scotiabank refuses to fully divest holding $268 million worth of shares in the Israeli defence contractor making them one of the top 5 investors globally.

On the heels of the success of No Arms in the Arts which led the campaign to have Scotiabank dropped as a lead sponsor of the prestigious Giller Prize, activists are mobilizing again in response to what they describe as a “clear attempt to profit off shifting political winds and the public’s short memory.”

“This isn’t business as usual—it’s profit from war crimes,” said Tamer Abu-Ramadan, spokesperson for the campaign. “We refuse to let Scotiabank quietly reinvest and remain invested in Elbit Systems without consequence. Their role in arming Israel, currently accused of genocide must be exposed and opposed at every level.”

International humanitarian organizations including Amnesty International have determined Israel’s actions in Gaza constitute a genocide. Over 60,000 civilians have been killed, half of whom are children. After 19 months of genocide, forced starvation, and ethnic cleansing, Scotiabank must divest from Elbit Systems completely.

Organizers are calling on all those committed to justice and demilitarization to join the campaign and demand accountability from one of Canada’s largest financial institutions.

For more information, media inquiries, or to schedule interviews with campaign organizers, contact the campaign directly at sbfundsgeno@gmail.com.

Follow the campaign online at sbi funds genocide.ca, or on Instagram, X, and Bluesky.