A Roman Catholic bank in Germany has apologised after admitting it bought stocks in defence, tobacco and birth control companies.
Der Spiegel newspaper discovered the bank had invested 580,000 euros (£495,310, $826,674) in British arms company BAE Systems.
It also invested 160,000 euros in American birth control pill maker Wyeth and 870,000 euros in tobacco companies.
The bank apologised for behaviour “not in keeping with ethical standards”.
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.
Some days, it’s like shooting fish in a barrel…