The Trent University Faculty Association (TUFA), representing 325 professors and professional librarians at Trent University, is divesting over half a million dollars from Scotiabank due to the bank’s financial ties to Elbit Systems, Israel’s largest weapons manufacturer. This decision follows a motion passed in June 2024 and reflects our Association’s commitment to ethical investment and solidarity with those affected by the destruction of educational infrastructure in Gaza.
“The Israeli military has destroyed or damaged all 12 universities in Gaza and 80% of its educational infrastructure,” TUFA wrote in a formal letter to the bank. “As of April 2024, tens of thousands of students and 95 university professors have been killed, and 88,000 students deprived of their university education.”
As of March 15, 2025, TUFA’s investments with Scotiabank were valued at approximately $517,000. TUFA has moved some $80,000 of those funds to other financial institutions, with a commitment to divest the remaining $437,000 between now and September 2027.
Scotiabank, through its fully owned subsidiary Asset Manager 1832, has been identified as a significant foreign investor in Elbit Systems. Elbit is documented to supply ground equipment and unmanned aerial vehicles (UAVs, drones) to the Israeli military, making it a direct participant in the ongoing violence in Palestine.
TUFA’s action aligns with mounting pressure from grassroots Canadian organizations demanding Scotiabank sever financial ties with Elbit Systems. High-profile campaigns such as ‘No Arms in the Arts’ and ‘Canlit Responds’ have called attention to the bank’s involvement, with authors withdrawing from the Scotiabank Giller Prize, ultimately leading to the end of the 20-year partnership between the prize and the bank.