BNP Paribas gives up smoking

Cigarette Butt Vivek Chugh

BNP Paribas will cease funding and advising tobacco companies, the latest financial firm to distance itself from the industry over health concerns.

Bloomberg News reports that the bank will halt transactions and investments related to the sector and “progressively disengage” from relationships with tobacco clients, Laurence Pessez, the bank’s global head of corporate social responsibility, said in an interview in Paris.

The decision applies to all types of products and services, though the bank will honor all contractual commitments, she said.

“This decision is effective from now and the withdrawal of course will be progressive to the extent that we want to honor our commitments with our clients,” Pessez said. “Smoking is recognized by the World Health Organization as the main cause of avoidable death in the world.”

Hit the link below to access the complete Bloomberg News article:

BNP Paribas Says It Will Stop Funding for Tobacco Industry

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