By John Revill ZURICH (Reuters) -The Swiss National Bank has sold its stake in Anglo-Australian miner Rio Tinto, adding to a series of recent divestments from companies in extractive industries, LSEG
SNB sells Rio Tinto stake in new divestment from extractive industries
By John Revill
ZURICH (Reuters) -The Swiss National Bank has sold its stake in Anglo-Australian miner Rio Tinto, adding to a series of recent divestments from companies in extractive industries, LSEG data shows.
Unsere (Our) SNB, a collection of environmental groups which includes 200 SNB shareholders, said the Rio Tinto divestment was the SNB's entire stake, valuing it at $227 million. It said the SNB offloaded the 3.8 million shares between June 2 and July 21.
Rio Tinto and the SNB declined to comment.
According to a Reuters analysis of LSEG data based on company filings, the SNB has since 2024 sold stock in oil and gas companies worth more than double the sum it has invested in the sector.
ENVIRONMENTAL CAMPAIGNERS ENCOURAGED BY MOVE
Among larger recent sales by the central bank, were divestitures in Chevron, BP, Tullow Oil, and Enquest, LSEG data shows.
Campaigners have long called for the SNB to sell its holdings in companies they say damage the environment.
"This is an important step in the right direction, but there is still a lot more the SNB should do," said Asti Roesle, co-coordinator for Unsere SNB.
The SNB, the world's 10th biggest central bank by size of assets, held a quarter of its 741 billion Swiss francs of foreign currency investments in stocks at end-August.
The reason for the SNB's latest divestments is unclear.
SNB EXITED COAL MINERS IN 2020
The SNB has previously said it pursues a market neutral and passive investment approach, aiming to replicate equity markets and diversifying its investments as broadly as possible.
In the past when the SNB has decided to adjust its strategy in certain sectors, it has announced this - for example its 2020 decision to no longer invest in thermal coal producers.
(Reporting by John Revill. Additional reporting by Clara Denina. Editing by Mark Potter)
