BNP Paribas relaxes policy on not financing ‘controversial weapons’, FT says

BNP Paribas (BNPQY) has eased a policy that banned the bank from financing “controversial weapons” as the company tries to boost its work with defense firms amid Europe’s rearmament drive, the Financial Times’ Simon Foy, Ortenca Aliaj and Laith Al-Khalaf report, citing people familiar with the matter. The bank deemed the term “controversial weapons” as too broad as it could include activities like certain drone manufacturing, according to sources. The policy now distinguishes between weapons that are authorized under major international agreements and those that are not.