Several French banks, led by Société Générale, have financed the tobacco industry for more than $5 billion since 2018, says the Alliance Against Tobacco (ACT) in a press release published on Wednesday.
If the tobacco industry succeeds in maintaining its deadly trade, it is also thanks to the resources provided to it by banking establishments and investment funds, underlines ACT director Marion Catellin, quoted in the press release.
The collective of anti-smoking associations relies on a report commissioned by Profundo, presented as an investigative organization.
Socit Générale notably financed 83% of the $5.3 billion in credits granted by French banks between January 2018 and November 2023 to major international tobacco companies (British American Tobacco, Philip Morris International, Imperial Brands), affirms the ACT.
Aware of the environmental and social impacts associated with the tobacco sector, Socit Generale is committed to an exit strategy from the sector, the bank told AFP, which does not comment on the figures. In September 2023, it signed a charter to this effect.
French establishments also totaled $733 million in investment in this industry, again according to the ACT, mainly the BPCE group (nearly 40%) and Crdit Agricole (more than 20%).
Tobacco is responsible for 75,000 deaths each year in France, a figure given by the ACT but also cited by Public Health France.