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Swiss Banks and Institutional Investors Financing Landgrabbing Companies

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Swiss Banks and Institutional Investors Financing Landgrabbing Companies Swiss banks and institutional investors financing landgrabbing companies November 2014 Contents Summary ..................................................................................................................... i Introduction ................................................................................................................ 1 Chapter 1 Methodology ..................................................................................... 2 1.1 Objective .................................................................................................... 2 1.2 Selected Swiss banks and institutional investors .................................. 2 1.3 Selected companies .................................................................................. 3 1.4 Examples of cases of land grabbing or illegal deforestation ................. 4 1.5 Types of investments ............................................................................... 6 1.6 Research period ........................................................................................ 7 1.7 Information sources and estimates used ................................................ 7 Chapter 2 Arvest Funds .................................................................................... 8 2.1 Shareholdings ........................................................................................... 8 Chapter 3 Bank J. Safra Sarasin ....................................................................... 9 3.1 Shareholdings ........................................................................................... 9 Chapter 4 Banque Cantonale Vaudoise (BCV) .............................................. 10 4.1 Bondholdings .......................................................................................... 10 Chapter 5 Credit Suisse .................................................................................. 11 5.1 Shareholdings ......................................................................................... 11 5.2 Bond issuances ...................................................................................... 12 5.3 Bondholdings .......................................................................................... 12 Chapter 6 Lombard Odier & Cie ..................................................................... 14 6.1 Shareholdings ......................................................................................... 14 6.2 Bondholdings .......................................................................................... 15 Chapter 7 Luzerner Kantonalbank ................................................................. 16 7.1 Shareholdings ......................................................................................... 16 Chapter 8 Migros Bank .................................................................................... 17 Chapter 9 Pictet & Cie ..................................................................................... 18 9.1 Shareholdings ......................................................................................... 18 Chapter 10 PostFinance .................................................................................... 19 Chapter 11 Raiffeisen Schweiz Genossenschaft ............................................ 20 Chapter 12 Swisscanto Holding ....................................................................... 21 12.1 Shareholdings ......................................................................................... 21 12.2 Bondholdings .......................................................................................... 21 Chapter 13 Swiss Life Holding ......................................................................... 23 13.1 Shareholdings ......................................................................................... 23 Chapter 14 GAM Holding .................................................................................. 24 14.1 Shareholdings ......................................................................................... 24 Chapter 15 UBS .................................................................................................. 25 15.1 Shareholdings ......................................................................................... 25 Chapter 16 Unigestion ....................................................................................... 27 16.1 Shareholdings ......................................................................................... 27 Chapter 17 Vontobel .......................................................................................... 28 Chapter 18 Zürcher Kantonalbank ................................................................... 29 18.1 Shareholdings ......................................................................................... 29 Appendix 1 References ...................................................................................... 30 Berne, November 2014, © Bread for all. The financial data have been researched by: Naritaweg 10 1043 BX Amsterdam The Netherlands Tel: +31-20-8208320 E-mail: [email protected] Website: www.profundo.nl Summary This report assessed the financial relationships of 17 companies involved in land grabbing, human rights abuses or environmental pollution with 17 selected Swiss banks and institutional investors since January 2011. Four financing categories are distinguished: Swiss banks and institutional investors holding shares of the selected companies (as of most recent filing date); Swiss banks and institutional investors holding bonds of the selected companies (as of most recent filing date); Swiss banks and institutional investors assisting with share- and bond issuances by the selected companies (since January 2011); Swiss banks and institutional investors providing loans to the selected companies (since January 2011) Table 1 shows the shareholdings of the Swiss banks and institutional investors in the 17 selected companies (in Sfr million). As can be seen, the shareholdings of Bank J. Safra Sarasin have by far the highest total value (Sfr 404.5 million). This is attributable to the large shareholding in IOI Corporation. Credit Suisse (Sfr 94.5 million), UBS (Sfr 36.3 million) and Pictet & Cie (Sfr 15.9 million) follow Bank J. Safra Sarasin at some distance. Credit Suisse holds shares in eight of the selected companies, which is the most of all the Swiss financial institutions. Both UBS and the Zürcher Kantonalbank hold shares in six of the selected companies. Table 1 Shareholdings Swiss financial institutions in selected companies Swiss banks and institutional investors Arvest Funds Sarasin Bank J. Safra Credit Suisse & Cie Lombard Odier Kantonalbank Luzerner & Pictet Cie Holding Swisscanto Holding LifeSwiss GAM Holding UBS Unigestion Vontobel Kantonalbank Zürcher Companies Bolloré 3.64 0.76 8.60 2.66 0.35 First Res. 0.76 GAR 2.38 0.22 1.19 0.04 0.56 2.23 0.65 HAGL 68.21 IOI Corp. 404.46 4.67 0.48 4.03 6.48 1.00 KLK 3.82 0.58 2.79 0.26 5.31 4.45 0.76 Sime Darby 7.46 0.59 6.11 0.55 10.70 11.98 1.38 Wilmar Int. 0.77 3.59 0.21 1.04 1.78 0.04 0.08 2.95 2.26 Total 0.77 404.46 94.53 2.08 1.04 15.90 0.63 0.76 0.90 36.27 16.43 2.66 6.40 Abbreviations: First Res = First Resources, GAR = Golden Agri-Resources, HAGL = Hoang Anh Gia Lai, KLK = Kuala Lumpur Kepong and Wilmar Int = Wilmar International. -i- Table 2 shows the bondholdings of the selected Swiss banks and institutional investors in the 17 companies (in Sfr million). As can be seen, the bondholdings of Lombard Odier have the highest total value. Credit Suisse holds bonds in two of the selected companies. Table 2 Bondholdings Swiss financial institutions in selected companies Banque Companies Lombard Odier Swisscanto Cantonale Credit Suisse & Cie Holding Vaudoise Golden 0.54 1.45 Agri-Resources IOI Corporation 4.11 2.72 Sime Darby 1.09 Total 0.54 2.54 4.11 2.72 Besides holding shares and bonds of the selected companies, some Swiss financial institutions have also assisted with bond issuances and provided loans to the selected companies since January 2011. Credit Suisse assisted with bond issuances by Golden Agri-Resources and Hoang Anh Gia Lai, underwriting a total estimated amount of Sfr 175.03 million. -ii- Introduction This report presents an overview of the financing of 17 selected companies involved in land grabbing, human rights abuses or environmental pollution by 17 selected Swiss banks and institutional investors since January 2011. This report is organized as follows: Chapter 1 provides the methodology of the research. Chapter 2 to Chapter 18 discuss the financing of the selected companies since January 2011 by the Swiss financial institutions, covering Arvest Funds (Chapter 2), Bank J. Safra Sarasin (Chapter 3), Banque Cantonale Vaudoise (Chapter 4), Credit Suisse (Chapter 5), Lombard Odier & Cie (Chapter 6), Luzerner Kantonalbank (Chapter 7), Migros Bank (Chapter 8), Pictet & Cie (Chapter 9), PostFinance (Chapter 10), Raiffeisen Schweiz Genossenschaft (Chapter 11), Swisscanto Holding (Chapter 12), Swiss Life Holding (Chapter 13), GAM Holding (Chapter 14), UBS (Chapter 15), Unigestion (Chapter 16), Vontobel (Chapter 17) and Zürcher Kantonalbank (Chapter 18). -1- Chapter 1 Methodology 1.1 Objective The objective of this research project is to identify the financial relationships between 17 Swiss banks and institutional investors and 18 stock exchange-listed companies that have been identified by Bread for All as being involved in land grabbing, human rights
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