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| Dutch bank bans loans to tobacco industry on health grounds | Dutch bank bans loans to tobacco industry on health grounds |
| (7 months later) | |
| Decision by ABN Amro, which has six millions customers worldwide, is the first by a major bank in The Netherlands | |
| Agence France-Presse | |
| Thu 6 Jul 2017 03.24 BST | |
| Last modified on Wed 20 Sep 2017 19.02 BST | |
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| The Netherlands’ third-largest bank ABN Amro said Wednesday that it is ratcheting up its battle against smoking and will no longer extend credit to clients in the tobacco industry. | The Netherlands’ third-largest bank ABN Amro said Wednesday that it is ratcheting up its battle against smoking and will no longer extend credit to clients in the tobacco industry. |
| The Amsterdam-based bank’s decision came as it announced a new partnership with the national Heart Foundation in the fight against smoking, which kills some 20,000 people every year in the country of 17 million, according to a recent study. | The Amsterdam-based bank’s decision came as it announced a new partnership with the national Heart Foundation in the fight against smoking, which kills some 20,000 people every year in the country of 17 million, according to a recent study. |
| “Our core value is that everybody has a right to be healthy,” said Marianne Verhaar, the bank’s director of relationship management for institutions and charitable organisations. | “Our core value is that everybody has a right to be healthy,” said Marianne Verhaar, the bank’s director of relationship management for institutions and charitable organisations. |
| “The core activity of those in the tobacco industry is not compatible with our core values,” she told AFP. | “The core activity of those in the tobacco industry is not compatible with our core values,” she told AFP. |
| “Therefore we have drawn up a moratorium when it comes to extending credit to tobacco producers.” | “Therefore we have drawn up a moratorium when it comes to extending credit to tobacco producers.” |
| The move also stops any new investment in the tobacco industry and is the first by a major bank in The Netherlands, the Trouw newspaper reported. | The move also stops any new investment in the tobacco industry and is the first by a major bank in The Netherlands, the Trouw newspaper reported. |
| “The move could have a big impact. It means that other banks and investment funds would also have to take a stand,” the paper said. | “The move could have a big impact. It means that other banks and investment funds would also have to take a stand,” the paper said. |
| Existing contracts with tobacco industry clients will be respected, but will not be renewed and no new contracts will be signed, an ABM Amro official told the daily. | Existing contracts with tobacco industry clients will be respected, but will not be renewed and no new contracts will be signed, an ABM Amro official told the daily. |
| Verhaar said ABN Amro was planning to lobby others in the Dutch financial sector to follow its lead. | Verhaar said ABN Amro was planning to lobby others in the Dutch financial sector to follow its lead. |
| The bank, which has more than six million clients worldwide, decided to change its tobacco policy around the end of April, she said. | The bank, which has more than six million clients worldwide, decided to change its tobacco policy around the end of April, she said. |
| Its new partnership with the Heart Foundation includes looking at ways to integrate a payment-sharing app with the foundation’s fund-raising activities. | Its new partnership with the Heart Foundation includes looking at ways to integrate a payment-sharing app with the foundation’s fund-raising activities. |
| A recent study by the Amsterdam-based SEO Economic Research company estimated the cost of smoking to Dutch society at around 2,000 euros ($2,200) per person per year. | A recent study by the Amsterdam-based SEO Economic Research company estimated the cost of smoking to Dutch society at around 2,000 euros ($2,200) per person per year. |
| The World Health Organisation attributes more than seven million deaths world-wide to tobacco use every year. | The World Health Organisation attributes more than seven million deaths world-wide to tobacco use every year. |
| Netherlands | |
| Health | |
| Smoking | |
| Tobacco industry | |
| Europe | |
| news | |
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