TEB

🚨 TEB (Türk Ekonomi Bankası) Boycott Reasons

Türk Ekonomi Bankası (TEB) is a Turkish bank founded in 1927 as Kocaeli Halk Bankası, acquired by Çolakoğlu Group in 1982, and entered a strategic partnership with French banking giant BNP Paribas in 2005. 50% of TEB Holding A.Ş. is owned by BNP Paribas Fortis Yatırımlar Holding A.Ş. and 50% by Çolakoğlu Group. The bank is one of Turkey's most established financial institutions, operating in corporate banking, SME banking, and retail banking. TEB's majority owner, BNP Paribas, is on international boycott lists due to its financing of companies supplying weapons to israel and its underwriting of israeli government bonds. Additionally, TEB's other partner, Çolakoğlu Group, through its steel subsidiary Çolakoğlu Metalurji, has obtained a quality certificate from the israel Standards Institute (SII) and is documented as supplying products to israel.

Key Boycott Drivers:

1. BNP Paribas's Financing of Companies Supplying Weapons to israel: TEB's majority owner, BNP Paribas, according to a June 2024 report by a 19-organisation coalition, is Europe's largest financier to six major arms producers (Boeing, General Dynamics, Leonardo, Rolls-Royce, RTX, and Elbit Systems) supplying weapons to the israeli army. BNP Paribas has provided €5.72 billion in loans and underwriting to these companies since 2021. According to NGO data, BNP Paribas has provided $38 million in loans and underwriting to Elbit Systems, israel's largest arms manufacturer. According to an SEC filing, BNP Paribas Arbitrage SA held 5,360 Elbit Systems shares (valued at $2 million) as of March 31, 2025. This financing directly contributes to the production of weapons used in israel's military operations in Gaza.OpenIntel: BNP Paribas Military Audit — €5.72 billion arms financing, Elbit Systems $38 million loan (August 2026)Association Belgo-Palestinienne: BNP Paribas — Europe's largest arms financier (September 2024)
2. Underwriting of israeli Government Bonds and Settlement Financing: In March 2024, BNP Paribas was one of the underwriters of israel's $8 billion bond issuance and guaranteed $2 billion of the bonds. This bond issuance took place immediately after the International Court of Justice's ruling on the "plausible risk of genocide" in Gaza. Additionally, according to the Don't Buy Into Occupation (DBIO) report, BNP Paribas is Europe's largest bank providing loans and underwriting to companies linked to illegal israeli settlements. The bank has invested $3.08 billion in bonds and shares of these companies.Orient XXI: BNP Paribas — israeli bond underwriting and settlement financing (December 2024)BankTrack: BNP Paribas — Europe's largest settlement financier (November 2024)
3. Çolakoğlu Group's Commercial Ties with israel: TEB's other partner, Çolakoğlu Group, through its steel subsidiary Çolakoğlu Metalurji, has obtained a quality certificate from the israel Standards Institute (SII). This certificate is regarded as an indication that the company supplies products to israel. It is claimed that Çolakoğlu Metalurji has increased its trade with israel since 2022. Additionally, İMANNOR, a modest fashion brand owned by Çolakoğlu Group, has also been subject to public debate due to its commercial ties with israel. TEB's dual partnership structure demonstrates that the bank contributes to the occupation economy through both arms financing and direct trade with israel.Hakimiyet: Çolakoğlu Metalurji — israel Standards Institute certificate and trade relations (March 2025)Boykot.co: TEB — BNP Paribas's Elbit Systems financing and TEB partnership

🌐 Sources

• Boykot.co: TEB Boycott Page — BNP Paribas 45% stake, Elbit Systems financing
• OpenIntel: BNP Paribas Military Audit — €5.72 billion arms financing
• Association Belgo-Palestinienne: BNP Paribas — Europe's largest arms financier (September 2024)
• Orient XXI: BNP Paribas — israeli bond underwriting and settlement financing (December 2024)
• Hakimiyet: Çolakoğlu Metalurji — israel SII certificate (March 2025)
• TEB: TEB Holding A.Ş. — 50% BNP Paribas, 50% Çolakoğlu Group