French banks continue to invest billions of dollars in the tobacco and nicotine industry

According to a report by the investigative body Profundo[1], commissioned by the Alliance Against Tobacco (ACT) and made public by France Inter, major French banks continue to invest in the tobacco industry. Despite the cessation of credits granted to cigarette companies since 2025, nearly $2.8 billion in assets are now held by Crédit Agricole, BNP Paribas, Société Générale, and the BPCE group. This represents an increase of 280 % compared to November 2023, despite the adoption in 2018 of an international charter, the Tobacco-Free Finance Pledge, aimed at ending all support for this sector.

Large amounts invested in tobacco despite international agreements

Between November 2023 and May 2025, nearly $2.8 billion (around €2.38 billion) would have been invested by Crédit Agricole, BNP Paribas, Société Générale and the BPCE group in shares and bonds in groups such as Philip Morris International, British American Tobacco, Imperial Brands and Japan Tobacco Inc.[2].

The report highlights a marked increase in holdings: Crédit Agricole is said to hold more than $1 billion (€852 million) in tobacco-related assets, up 587 billion since November 2023; BNP Paribas is said to have increased its holdings sixfold in a year and a half, reaching $597 million (€508 million); Société Générale is said to hold $437 million (€372 million) in shares, compared to a level almost zero at the end of 2023; Groupe BPCE is said to hold around $430 million (€366 million), an increase of 41 billion in a year and a half.

According to the ACT, these developments reflect a voluntary increase in investments in the sector, while the banks had made public commitments to withdraw.[3]. In fact, the banks concerned have all signed  an international charter aimed at ending funding of the tobacco industry, launched on September 26, 2018, by the Australian NGO Tobacco Free Portfolios and supported by the United Nations. Some had even adopted more restrictive internal policies. For example, in a document published in April 2025, Société Générale stated that it wanted to exclude tobacco producers from its investment universe.

The Alliance Against Tobacco calls for firm action against these investments

The banks concerned dispute these accusations and explain that the reported investments correspond in part to transactions carried out on behalf of their clients in diversified and complex financial products, including tobacco companies.

For Marion Catellin, director of ACT, this is an unacceptable argument: " Financial players like Société Générale, Crédit Agricole, and BNP Paribas are lying to their clients about their true disengagement from the tobacco industry. And this is absolutely alarming. when we know - if I repeat the words of the Director General of the WHO - that every dollar invested in the tobacco industry is an investment in death and disease. ".

The ACT therefore calls on financial market regulators to examine these practices and, where appropriate, to sanction establishments that do not respect their commitments.

The Alliance also points out that the rise in cigarette prices is fueled not only by market developments, but also by the purchase of new shares by financial institutions, facilitated by the launch of so-called "reduced risk" products. Indeed, tobacco manufacturers attract new investors by promoting "alternatives" (electronic cigarettes, heated tobacco, nicotine pouches, etc.) marketed as less harmful than traditional tobacco, or even as means of quitting smoking. However, it has been scientifically proven that these products, which are very popular with young people, present health risks, can create a strong nicotine addiction, and through a "gateway effect" can encourage people to subsequently smoke cigarettes. More and more countries are recognizing the risk of a nicotine epidemic, in particular  France, which has banned it since 1^er April 2026 pouches, balls, gum and other oral products containing nicotine.

©Generation Without Tobacco

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[1]Pham Van L., Stravens M., Who finances the tobacco sector in France? – Update of the January 2024 study, Profundo Research & Advice, published September 30, 2025, accessed October 3, 2025

[2]France info, French banks continue to finance the tobacco industry with nearly $2.8 billion in investments, denounces the Alliance Against Tobacco, published October 2, 2025, accessed October 3, 2025

[3]Alliance against tobacco, $2.8 billion additional French investments in the tobacco industry in a year and a half, published October 2, 2025, accessed October 3, 2025

National Committee Against Smoking |