Barclays sells shares in Israeli weapons manufacturer after protests

Pro-Palestinian protesters have said they will stop targeting Barclays after the bank confirmed it has sold its investment shareholdings in Israeli weapons manufacturer Elbit Systems.

In Barclays’ latest US Securities and Exchange Commission filings, it revealed that it had sold $3.4m (£2.6m) of shares in the company since its previous filing in May.

The sale came after protesters targeted dozens of bank branches, with activists splashing branches with red paint and breaking windows.

Several activists were removed from Barclays’ annual general meeting earlier this year, while in January activists occupied several Barclays branches while carrying Palestine flags.

In response to the stock sale, Palestine Action, the main group that has organised demonstrations against the bank in the UK, has said it will no longer target the lender.

“We will remain committed and focused to the task at hand and target any and all institutions and businesses which enable Israel’s biggest weapons firm to maintain their genocidal operations,” a spokesperson for Palestine Action said. “That means if Barclays does reinvest into Elbit Systems in the future, Palestine Action will come knocking again.”

Earlier this year, Barclays was forced to suspend its sponsorship of all Live Nation festivals for 2024 after several artists pulled out in protest against the bank holding shares in the firm.

A spokesperson for Barclays said that the bank has never been a direct shareholder in Elbit.

“Barclays trades in shares of listed companies in response to client instruction or demand and that may result in us holding shares,” a spokesperson from the bank said.

“We are not making investments for Barclays and Barclays is not a ‘shareholder’ or ‘investor’ in Elbit Systems in that sense, and therefore cannot divest” they added. “We continue to provide a range of financial services to the defence sector, including US, UK and European defence companies.”

Scottish asset manager Baillie Gifford faced similar pressure earlier this year over its investments in firms operating in Israel and the Occupied Palestinian Territories, and was targeted by the campaign group after its sponsorship of a number of literary festivals was revealed.

Palestine Action also targeted Allianz earlier this month over the insurer’s alleged involvement with Elbit, where more than a dozen premises were vandalised with paint.