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Cluster bombs manufactured in Spain in 2007 and used by Gaddafi to bomb Misrata were financed by Spanish banks

Cajalón, Caja España, Caja Mediterráneo, Bankinter, Ibercaja, Banco Popular, Banco Sabadell and La Caixa involved
By SETEM | Madrid, Spain, May 4 2011

SETEM also reveals that 14 Spanish banks, among them BBVA, Santander and Bankia, invested almost 2 billion € in 19 major manufacturers of controversial arms that cause thousands of civilian deaths around the world. Among those highlighted are chemical and biological weapons, cluster bombs and anti-personnel mines.

SETEM has confirmed this morning in the presentation of their new campaign "Banca Limpia" (Clean Banking) that the cluster bombs MAT-120 manufactured by the Spanish company Instalaza in 2007 and used by Gaddafi to bomb Misrata in Libya, were financed by at least 8 Spanish banks: Cajalón (Grupo Caja Rural), Caja España, Caja Mediterráneo, Bankinter, Ibercaja, Banco Popular, Sabadell and La Caixa.

The confirmation of this news triggered the presentation in Spain of the report "Dirty Business: Spanish banks that finance controversial weapons" that confirms that from 2006 to the present, 14 Spanish banks have been financially and economically involved in 19 of the leading manufacturers of controversial weapons that cause hundreds of thousands of civilian deaths worldwide. Amongst these are nuclear weapons, depleted uranium and banned weapons such as chemical and biological weapons, cluster bombs and anti-personnel mines. The report highlights that:

BBVA is the most active Spanish bank in financing companies which manufacture controversial arms. Investment funds managed by BBVA include shares of 12 companies and bonds of 2 companies. BBVA has lent to 8 companies since early 2006 and has helped 3 companies in the issue of bonds and another in the issue of shares..

Santander occupies the second place in the financing of controversial arms producers, with investment funds that include shares in 13 companies, has provided loans to 7 companies and has issued bonds for 3 companies. 

BANKIA (Financial and Savings Bank, the central body of the SIP formed by Caja Madrid, Bancaja, Caja Segovia, Caja Avila, Caja Rioja, Caixa Laietana and Caja Insular de Canarias) have investment funds that include shares of 8 producers of controversial weapons and has granted a loan to a controversial arms producer.

The other Spanish institutions involved in the manufacture of controversial weapons are: Banco Sabadell, Bankinter, BBK, Ibercaja, MAPFRE, Banco Madrid, Banco Popular, CatalunyaCaixa, Banco Pastor, Finanduero and Banca March.

The report was prepared exclusively for SETEM by Profundo and can be downloaded at, the website where anyone can find out about dodgy investments of their bank, send a letter to the banks requesting the withdrawal of this support, share this information on social networks and financially support the campaign.



Marta Isabel González Álvarez
Communications Officer - SETEM Ethical Finance  Tfno. 91 549 91 28 Ext. 30 


Banca Armada Website

Bankia is a Spanish banking conglomerate that was formed in December 2010, consolidating the operations of seven regional savings banks: Caja Madrid, Bancaja, La Caja de…
Banco Bilbao Vizcaya Argentaria (BBVA), is a multinational Spanish banking group. It was formed in 1999 from a merger of Banco Bilbao Vizcaya and Argentaria. It provides financial…
Banco Santandar S.A., founded in 1857 in Santander, Spain. The group has expanded since 2000 through a number of acquisitions, with operations across Europe, Latin America,…

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