INDEX / DIRECTORY / SANTANDER / V-MIL

Santander V-MIL

MILITARY AUDIT UPDATED 2026-05-18
V-MIL Score 0.00 /10 E Santander — BDS-1000 9
V-MIL 0.00

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-MIL Audit: Santander

Direct Defence Contracting & Procurement

Santander does not operate a physical branch, subsidiary, or ATM in Israel, and no direct contracts between Santander and Israeli state security bodies have been identified 1. Santander publishes a Defence Sector Policy (updated October 2025) that explicitly frames defence financing as part of its business: “Santander recognises the evolving needs of the defence sector and is committed to invest and provide financial solutions that contribute positively to sustainable growth and global security, and to be a proactive and responsible financier in the defence sector” 2. The policy defines “defence items” as “commodities…specially designed or modified for military use” and “dual-use items” as “goods…that can be used for both civilian and military applications” 2. The policy does not include specific restrictions on financing companies exporting weapons to active conflict zones, companies under international investigation for IHL violations, or Israeli defence entities 2. No evidence has been identified of Santander appearing in SIBAT defence export directories or Israeli defence procurement registries as a named contractor.

Dual-Use Products & Tactical Variants

No public evidence identified of Santander manufacturing or marketing ruggedised, mil-spec, or defence-grade variants of its own products. No public evidence identified of end-user certification requirements, export licence applications, or government export control reviews related to Santander’s sales to Israeli defence or security end-users.

Heavy Machinery, Construction & Infrastructure

The OHCHR settlement database (A/HRC/60/19, September 2025) lists 158 companies but does not name Banco Santander as a listed entity 3. Santander is listed in DBIO reports as a creditor to settlement-linked companies including Booking Holdings, Airbnb, Caterpillar, and Cemex 45. No public evidence identified of Santander providing construction equipment, vehicles, or machinery used in settlement construction, demolition, or the separation barrier. No public evidence identified of Santander holding equity positions in or providing project finance to settlement construction companies.

Supply Chain Integration with Defence Primes

Santander provided $1,218 million in financing to Boeing for production and maintenance of F-15 fighter jets exported to Israel 1. Santander provided $198 million in financing to Leonardo for production and maintenance of F-35 Lightning II components exported to Israel 1. Santander provided $1.8 million in financing to Rheinmetall for M109-52 self-propelled 155mm howitzers exported to Israel 1. Santander provided financing to General Dynamics totalling approximately $1.2 billion for GBU-type guided bomb units and 155mm artillery ammunition exported to Israel 1. The Centre Delàs report states: “Santander and BBVA are the main banks financing companies manufacturing arms used by the Israeli military to commit the genocide in Gaza” 1. Santander provided $1,759 million in loans and $222 million in underwriting to Boeing, Leonardo, and Lockheed Martin according to PAX analysis 6. Total documented arms manufacturer financing from Santander exceeds $2.442 billion across the companies identified by Centre Delàs 1. Israeli defence companies have documented extraordinary growth since October 2023: Elbit Systems order backlog reached $28.1 billion by end 2024; Rafael order backlog exceeded $74 billion; IAI order backlog exceeded $29 billion 78. No public evidence identified of Santander holding direct equity positions in Israeli defence primes (Elbit, IAI, Rafael) or serving as a named board member of these entities. No public evidence identified of joint development, co-production, or technology transfer agreements between Santander and Israeli defence firms.

Logistical Sustainment & Base Services

No public evidence identified of Santander providing catering, transport, fuel supply, waste management, facilities maintenance, telecommunications, or other support services to IDF bases, military training facilities, or detention centres. No public evidence identified of Santander providing shipping, freight forwarding, or port handling services specifically for Israeli defence logistics or military cargo. Santander maintains correspondent banking relationships with Israeli financial institutions including Bank Hapoalim and Bank Leumi, which are documented as providing services to settlement operations.

Munitions, Weapons Systems & Strategic Platforms

Santander’s financing enabled Boeing F-15 fighter aircraft used in Israeli strikes on Gaza, Lebanon, and Yemen, including documented attacks on the Hudaydah Port in Yemen (July 2024) 1. Santander’s financing enabled Leonardo F-35 components used in Israeli strikes using JDAM guidance kits 1. Santander’s financing enabled Rheinmetall M109-52 howitzers used in attacks on the Port of Gaza, medical facilities, and aid convoys 1. Santander’s financing enabled General Dynamics GBU-type guided bombs associated by Centre Delàs with the Jabalia massacres of October 9 and October 31, 2023, which killed 98 civilians and destroyed 22 buildings 1. Santander’s financing enabled General Dynamics 155mm artillery ammunition (M107, M795) documented as being fired from Israeli tanks in incidents killing civilians including children 1. Santander’s financing enabled Day & Zimmerman M830A1 tank ammunition documented as being used from Israeli tanks in civilian areas 1. Santander’s financing enabled MTU Friedrichshafen (Rolls-Royce subsidiary) tank engine components powering Merkava tanks deployed in Gaza 1. No public evidence identified of Santander serving as a prime contractor or licensed manufacturer of lethal weapons platforms.

Export Licensing, Regulatory & Legal History

Spain enacted Royal Decree-Law 10/2025 (October 2025) imposing a total embargo on defence equipment exports to Israel and prohibiting imports from Israeli settlements in the Occupied Palestinian Territory 9. This law governs direct government arms exports and does not directly regulate private banking sector financing 9. No OECD National Contact Point complaint has been filed specifically against Santander regarding Israeli defence sector financing 1011. A 2021 OECD NCP complaint was filed against CAF (Construcciones y Auxiliar de Ferrocarriles) regarding its Jerusalem Light Rail involvement; the Spanish NCP accepted the case but CAF rejected mediation 10. No public evidence identified of Spanish or European regulatory enforcement actions specifically against Santander for financing weapons manufacturers supplying Israel. No public evidence identified of judicial reviews or court proceedings specifically naming Santander regarding its Israeli defence supply relationships.

Civil Society Scrutiny & Documented Investigations

Santander ranks #7 among European creditors to companies complicit in occupation and genocide, providing $20.606 billion in loans and underwriting (January 2023 – August 2025) according to DBIO V 4. DBIO V documented 1,115 European financial institutions with financial relationships to 104 identified businesses, totalling $310 billion in loans and underwriting 4. Santander’s financing increased approximately 56% between DBIO IV ($13.206 billion, January 2021 – September 2024) and DBIO V ($20.606 billion, January 2023 – August 2025) 45. Santander is listed on BDS movement target lists as a financial institution funding the occupation, alongside BBVA, Barclays, BNP Paribas, HSBC, and Deutsche Bank 12. Ethical Consumer assigned Santander its lowest rating (“Worst”) across all three assessed categories: weapons/military policy compliance, evidence of financing weapons/military, and evidence of financing companies linked to settlements 13. The UN Special Rapporteur’s report (A/HRC/59/23, June 2025) calls for companies to “cease all activities linked to Israel’s occupation” and states that “corporate actors that continue to operate in connection with the Israeli occupation risk legal liability under both international and domestic law” 14. The report specifically addresses financial institutions, noting that “providing financial services to companies that manufacture or supply arms used in violations of international humanitarian law may itself constitute a contribution to those violations” 14. AFSC’s Investigate database documents companies profiting from the Gaza genocide; Santander is identified as a target by the BDS movement based on its financial relationships with weapons manufacturers 15. No public evidence identified of Santander issuing a specific public statement responding to civil society pressure regarding its defence supply chain. Santander has not joined the IDFA Financial Sector Database on Business and Human Rights or similar initiatives specifically addressing financial sector complicity in IHL violations 2.

The European Investment Bank signed guarantee agreements with Santander totalling €450 million in January 2026, enabling approximately €900 million in new financing for European strategic sectors 16. Of this, €400 million is specifically allocated for security and defence supply chain solutions 16. EIB Project 20250338 (signed December 19, 2025, €200 million) is explicitly designated “100% to Security and Defence” with the stated purpose of supporting “defence players” in the EU supply chain 17. The EIB project sheet acknowledges that defence investment addresses “the market failure associated with a public good nature of such projects” 17. No human rights conditionality or end-use restrictions are mentioned in EIB defence financing documentation 1617.

Executive Chair Ana Botín launched Santander InnoVentures (now Mouro Capital, $400 million under management) and prioritised Israeli fintech investment 18. Santander InnoVentures invested $5 million in MyCheck (Israeli mobile payments startup, March 2015) as its first investment from its initial $100 million allocation 18. No public evidence identified of Santander’s founders, CEO, C-suite executives, or ≥10% shareholders holding named defence-industry directorships, military-board roles, FIDF affiliations, or equity positions in Israeli defence primes.

End Notes

Footnotes

  1. https://centredeles.org/en/report/report-66/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14

  2. https://www.santander.com/en/footer/legal-and-regulatory-information ↩ ↩2 ↩3 ↩4

  3. https://www.ohchr.org/en/special-procedures/working-groups/business-and-human-rights ↩

  4. https://dontbuyintooccupation.org/ ↩ ↩2 ↩3 ↩4

  5. https://dontbuyintooccupation.org/ ↩ ↩2

  6. https://paxforpeace.nl/publications/the-companies-arming-israel-and-their-financiers ↩

  7. https://ir.elbitsystems.com/ ↩

  8. https://www.rafael.co.il/ ↩

  9. https://www.boe.es/buscar/act.php?id=BOE-A-2025-18394 ↩ ↩2

  10. https://mneguidelines.oecd.org/ncp/ ↩ ↩2

  11. https://www.banktrack.org/ ↩

  12. https://whoprofits.org/companies ↩

  13. https://www.ethicalconsumer.org/ ↩

  14. https://documents.un.org/symbol/en/A_HRC_59_23 ↩ ↩2

  15. https://investigate.afsc.org/ ↩

  16. https://www.eib.org/en/press/all/2026-024-eib-and-santander-will-unlock-eur900-million-to-strengthen-european-security-and-defence ↩ ↩2 ↩3

  17. https://www.eib.org/en/projects/all/all-detail/?reference=20250338 ↩ ↩2 ↩3

  18. https://en.globes.co.il/en/article-santander-seeks-israeli-startup-investments-1001189304 ↩ ↩2