France’s Credit Agricole to exit financing of tobacco companies within 3 years

France’s Credit Agricoleannounced that the bank, along with its asset management and insurance arms Amundi and Credit Agricole Assurances, would exit any financing of tobacco companies within three years.

Amundi said it planned to exclude cigarette makers from its actively managed open-ended funds.

This follows similar moves by BNP Paribas Asset Management and insurers AXA, Aviva and Scor, who decided to sell out of the industry because of the health, social and environmental costs linked to tobacco.