French banks continue to finance the tobacco industry despite their promises

More than 5 billion dollars have been granted by French banks to the tobacco industry since 2018, according to a report by the investigative organization Profundo, commissioned by the Alliance Against Tobacco, which France Inter revealed on Wednesday March 6. However, these financial players committed six years ago to stopping their support for the tobacco giants. A charter was then adopted by numerous international actors. Among the signatories are Société Générale, Crédit Agricole and the BPCE group (Banque Populaire-Caisse d’Epargne).

According to the Profundo report, these banks do not respect their commitments. Between 2018 and 2023, these banking establishments have notably granted $5.3 billion in credits to British American Tobacco, manufacturer of Lucky Strike cigarettes, to Philip Morris International, owner in particular of the Marlboro brand, or even to the Imperial Brands group (Davidoff ). Société Générale alone accounts for 83% of the French financial support provided to the tobacco industry, even if it wants to be more virtuous in recent years.

But French banks don’t just lend money to the tobacco industry. They also invest in this market themselves. The report reveals that in November 2023, French banks totaled $723 million in investments. 40% of these funds come from the BPCE group, and more than 20% from Crédit Agricole. While a downward trend in these investments can be noted for some banks, this is not the case for everyone. Groupama, for example, has started to invest increasingly in this sector since 2021.