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By The Cradle
Scotiabank’s subsidiary firm, 1832 Asset Management, has sold its remaining shares in Israeli arms manufacturer Elbit Systems Ltd., according to regulatory filings reported on 16 February.
The latest disclosure to the US Securities and Exchange Commission no longer lists Elbit among 1832’s holdings, ending an investment that once made the Canadian bank the company’s largest foreign shareholder.
In a press release on Monday, No Arms in the Arts, a Canada-based arts coalition opposing institutional ties to the arms trade and Israel’s actions in Palestine, and Just Peace Advocates, a Canadian human rights organization, said the sale followed “more than two years of sustained organizing that made the bank’s investment a liability.”
“Scotiabank’s divestment from Elbit Systems signals that investment in companies complicit in Israeli war crimes has become too risky to sustain,” Karen Rodman of Just Peace Advocates said.
“Yet 2025 data showed the ‘Big Five’ Canadian banks holding over $182 billion in companies operating in the occupied Palestinian territory – a clear contradiction of Canada’s stated opposition to illegal settlements that demands immediate government action to align policy with practice,” Rodman added.
Jody Chan of No Arms in the Arts said, “This news comes after years of sustained pressure across the country, with thousands protesting at Scotiabank branches, hundreds of artists refusing to let their work whitewash the bank’s complicity, and many more closing their accounts.”
Chan added, “Against our government’s attempts to use the façade of a ceasefire to normalize Israel’s siege on Gaza, this demonstrates our collective power to define what we find morally unacceptable and force real change.”
The investment drew sustained protests across Canada, including demonstrations at Scotiabank branches and the disruption of the bank-sponsored Giller Prize broadcast in November 2023.
In November 2025, filings showed approximately 165,000 shares worth around $84 million.
By August 2024, 1832 had cut its stake to roughly 700,000 shares, valued at about $315 million at the time. At the end of 2021, the asset manager held more than 2.2 million shares in the company.
As of mid-February 2026, the position stands at zero.
During the period of divestment, Elbit’s share price rose sharply, climbing from below $175 in 2021 to above $400 last year, before spiking past $700 in January 2026.
Scotiabank had previously said it did “not directly hold the shares” and that it could not interfere in the independent investment decisions of its subsidiary’s portfolio managers.
Elbit Systems is Israel’s largest weapons manufacturer and supplies military equipment used in the Israeli genocide of Palestinians in Gaza.
The company reported record profits during that period, openly marketing weapons used in Gaza as “battle-tested” to demand higher premiums in international contracts.
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