Catholic bank in Germany confesses to owning contraceptive, tobacco, and weapon stocks

BBC News Online-citing German newspaper Der Spiegel-reports that Pax Bank has apologized after admitting it bought stocks in weapons, tobacco and birth control pill companies.

BBC News Online-citing German newspaper Der Spiegel-reports that Pax Bank has apologized after admitting it bought stocks in weapons, tobacco and birth control pill companies.

 

According to Der Spiegel, the bank had invested "invested 580,000 euros (around P33,057,107) in British arms company BAE Systems, 160,000 euros (around P9,119,201) in American birth control pill maker Wyeth, and 870,000 euros (around P49,585,660) in tobacco companies."

The report noted that Pax Bank "has previously advertised ethical investment funds, specifically claiming to avoid arms and tobacco companies along with organisations that do not adhere to Catholic beliefs."

 

For more on this story, log on to BBC News Online.

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