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25 Nov 2021

Myanmar: Report alleges banks hold shares in companies affiliated with military junta & its conglomerates

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A research report by BankTrack and Justice for Myanmar alleged that 19 international banks hold shares in “companies affiliated with the military junta and its conglomerates in Myanmar. These companies have either direct and longstanding commercial ties to Myanmar’s military, or to state entities that the military now controls as a result of the February 1, 2021 attempted coup.”

Named in the report are: Crédit Agricole, Sumitomo Mitsui Trust, Mitsubishi UFJ Financial, Bank of America, JPMorgan Chase, UBS, Deutsche Bank, Morgan Stanley, Groupe BPCE, Credit Suisse, Mizuho Financial, Société Générale, Wells Fargo, Goldman Sachs, Royal Bank of Canada, BNP Paribas, Barclays, DZ Bank and Toronto-Dominion Bank.

BankTrack contacted the companies to respond. BNP Paribas, Credit Suisse, Mizuho Financial, Royal Bank of Canada, Société Générale, UBS, and Toronto-Dominion directly responded to BankTrack. Their responses are available in BankTrack's website.

Business & Human Rights Resource Centre invited the banks that did not respond to BankTrack. Those who responded to the Resource Centre are Bank of America, BPCE Groupe, Crédit Agricole, Deutsche Bank, DZ Bank, Mitsubishi UFJ Financial, and Sumitomo Mitsui Trust. UBS also sent a response to the Resource Centre. The responses are linked below. Barclays, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo did not respond.

Company Responses

Groupe BPCE View Response
Crédit Agricole View Response
DZ BANK View Response
Mitsubishi UFJ Financial Group View Response
Sumitomo Mitsui Trust Holdings View Response
Deutsche Bank View Response
Bank of America View Response
Goldman Sachs

No Response

Morgan Stanley

No Response

Wells Fargo

No Response

Barclays

No Response

JPMorgan Chase

No Response

Timeline