Yzabelle Bostyn
SPANISH banks have financed Israel’s arms suppliers to the tune of €3.8bn, it has emerged.
According to a study by a Barcelona-based research institute, at least 12 banks made more than 4,000 financial operations between 2011 and 2024, with the majority taking place in the last five years.
The operations invested or provided loans to seven arms manufacturers (five based in the US, one in Italy and two in Germany), which sell their weapons to Israel.
READ MORE: Spain’s King Felipe VI calls for a ceasefire in Gaza and brands the deadly conflict ‘unacceptable’
Photo: Cordon Press
The data was released by the Centro Delas de Estudios por la Paz (The Delas Study Centre for Peace), on October 2, just days before the one-year anniversary of Hamas’s attack on Israel on October 7 last year.
The terror attack sparked a devastating and still ongoing response from Israel which has seen more than 42,000 Palestinians killed.
The Spanish Government has frequently condemned attacks by both Hamas and Israel.
A statement released today to commemorate the start of the conflict on October 7 read: “We need a cease fire, to free hostages, access to humanitarian aid to civilians and an end to the violence.”
According to the study, Santander and BBVA are the two biggest funders of Israel’s arms suppliers, with 95.4% of the money given, over €3.6bn.
The third largest financier is Caixa Group, which has handed over €99 million, followed by Bestinver (€59.5 million) and EDM Group (€7.95 million).
In fourth place was Ibercaja, which provided €2.26 million, followed by Banco Caminos, Dux Inversores, Abaco Capital, Renta 4 Banco, GVC Gaesco and Banca March.
According to the study, 11 of the 12 banks have bought stocks in a business that supplies arms to Israel, principally, the British multinational Rolls-Royce, which also owns the German manufacturers MTU Friedichshafen and Rheinmettal.
BBVA, Banco Santander and Caixabank have also lent more than €3.1bn in revolving credits and corporate loans to these businesses, while the former two have also invested €660 million in bond underwriting.
Dubbed the ‘Bank Armada’, the report states that Spanish funds are being used by ‘Israel to commit crimes against humanity, including genocide’.
Also, two Spanish banks feature in the list of 100 banks that have given the most money to arms manufacturers supplying to Israel.
In 36th place is Santander, supplying €2.2bn, followed by BBVA, with €1.4bn.
The report also revealed how Israel is using the weapons financed by Spanish banks.
According to the study, guided bombs and missiles produced by American companies Boeing and General Systems, have been used in many attacks across Gaza and Lebanon.
“They have caused the deaths of hundreds of people, falling on residential areas, schools and hospitals,” said the report.
Caixabank (€198 million), BBVA (€1.4bn) and Santander (€1.2bn) have financed Boeing, while BBVA has sent money to General Dynamics.
The report also highlights the exportation of combat planes and helicopters such as the Boeing Apache used in attacks on Gaza, including last June’s assault on Rafah.
They also highlighted the use of F-35 aircrafts, produced by Lockheed Martin, BAE Systems and Leonardo, which have been used in many missile attacks in Gaza.
Leonardo, the report recognises, has received €1.8bn from BBVA and Banco Santander.
The research also referenced the ‘indiscriminate’ use of Rh-120 tanks, produced by Rheinmetall, against civilian infrastructure, journalists, aid convoys and Palestinian civilians.
As well as having a factory in Spain, Rheinmetall has been financed by Spanish financial entities.
“These financial institutes are the main drivers of the military economy that allows armed conflict and human rights violations to continue across the world,” said the report.
Instead, they propose ‘ethical finances’ that reject any investment in arms products and promote a finance model based on reducing inequality and social injustice.
The Centre Delas mainly used data from the Stockholm International Peace Research Institute, the majority of cases occurring after October 7 2023, when a Hamas attack in Israel led to 1,200 deaths and prompted the Israeli invasion of Gaza.
Since then, Israeli forces have sent over 70,000 tonnes of explosives to Gaza, accounting for 35 kilos per inhabitant.
Today, some 90% of the population has been displaced on at least one occasion and over 42,000 have died.
Spain’s Prime Minister Pedro Sanchez has urged for an end to the conflict.
Attending the Premios Vanguardia Awards on September 30, he said: “The international community cannot remain silent for one more minute in the face of a massacre turned routine.
“We cannot normalise the deaths of innocent civilians nor stand by while International Human Rights are put into question. It’s time to say enough is enough.”
His statement was followed by protests all over Spain on October 6, where thousands of demonstrators urged world leaders to ‘free Palestine’.
The Israeli foreign minister, Israel Katz, branded the demonstrations ‘unacceptable’, saying: “Spain has become a breeding ground for hate and destruction…it is not right to allow the glorification of terrorism.”
