In 2024, after Israel began its assault on Gaza, around 20 Barclays buildings were targeted by Palestine Action activists because the bank held shares in Elbit. The group was subsequently proscribed as a terror group in the UK and the US recently designated the same, meaning its British activists now face financial sanctions.
In response to the vandalism, Barclays put out a statement making clear that the shares were held only on the behalf of clients.
“We are not making investments for Barclays and Barclays is not a ‘shareholder’ or ‘investor’ in [Israeli defence] companies in that sense,” the statement said.
Barclays chief executive CS Venkatakrishnan also wrote that the bank had been targeted because of a “campaign of disinformation” and reiterated that it was not putting its own money into defence companies.
While its relationship with NextVision would be as a service provider rather than an investor, the bank would nonetheless be going into business with a company whose profits have soared in part due to Israel’s war in Gaza.
Spoils of war
Founded in 2009, NextVision has enjoyed rapid recent growth thanks to surging demand for its drone parts. It now supplies military contractors in the US and Europe as well as in Israel, with its sales having benefited hugely from the wars in Gaza and Ukraine.
Between 2023 and 2025 the company’s revenue more than tripled, according to a recent investor presentation.