Stefanie Citroen on Defence, Dilemmas, and Sustainability Policy
The world around us has changed dramatically in a short time. Geopolitical tensions are rising, and NATO members have agreed to increase defence spending in the coming years. This also raises questions in the Netherlands about security, resilience, and about the role that financial institutions can play here.
So how does ASN Bank view this situation? How does defence relate to our sustainability policy? Where have boundaries been set, and where is there room to contribute? Head of Sustainability Stefanie Citroen answers questions on this subject and explains how ASN Bank navigates sustainability policy in a changing world—remaining a sustainable bank, but always with an eye on today’s realities.
Stefanie, we are seeing geopolitical tensions around the world and NATO is set to structurally increase annual defence spending. How do you view this situation?
“Geopolitically, we are living through extraordinary times. After a long period of relative stability, security has suddenly become a key issue again. This is evident in rising international tensions, but also in the agreements made by NATO members to structurally increase defence spending in the coming years.
These developments not only affect governments. Both government and society are looking more closely at the role banks can play in contributing to security and resilience. This is a question that has also been asked of ASN Bank, and it prompted us to reiterate our position—not through changing our policy, but by clearly explaining what we do and why.
It's important to properly define the concept of defence. Defence is not just about weapons, it is also about the resilience of society as a whole, including good infrastructure, the supply of energy, water safety, and cyber security. Under that broad definition defence relates directly to sustainability, for which ASN Bank is a strong advocate. At the same time, it raises the issue of how these developments—particularly calls for arms financing—relate to our sustainability policy.”
So, Will ASN Bank now start financing arms?
“That’s a logical question, but the answer is an unequivocal ‘no’. Our sustainability policy remains unchanged. Protecting human rights continues to be a core principle in everything we do.
Directly investing in arms companies means we cannot ensure we won’t become involved in human rights violations. That’s why we do not finance companies engaged in the development, production, or trade of arms. It means we do not lend to or invest in listed arms companies. As mentioned, with these kinds of investments we cannot completely rule out being complicit in serious human rights abuses, which is a risk we are unwilling and unable to take.
This position is also consistent with our business model as a retail bank. At the same time, it does not mean we are ignoring reality or not making a contribution.”
What scope is there for making a responsible contribution?
“That scope lies in indirect financing, such as in government bonds. ASN Bank and ASN Impact Investors have a long record of investing in bonds issued by countries that meet our stringent sustainability criteria. By doing so, we support government spending, which may include defence-related areas. This approach helps enable countries to better defend themselves.
We carefully select these countries based on a process with various steps. The first step is to apply exclusion criteria, which for example includes countries that have not signed the Paris Agreement, use controversial weapons, or violate fundamental human rights. The remaining countries are then assessed using a points-based system.
In practice, this means some countries that could be financially attractive are nonetheless excluded. The countries we do invest in are mostly Western European nations, such as the Netherlands and Germany. This way we make sure our indirect contributions to defence are limited to countries that respect human rights.”
Where else can ASN Bank invest?
“As mentioned, it’s important to emphasise that a significant part of defence spending is devoted to products and services that are not used directly for combat, or products with both military and civilian applications. These are referred to as ‘dual-use’ products, such as communication systems and computer chips.
When considering investments in these areas, we always carefully assess whether we have sufficient oversight regarding their use and application. This distinction is crucial. With arms manufacturers, we don’t know whose hands their products might end up in and how they’ll be used, which entails an unacceptably high risk of involvement in human rights violations.
However, for products and services without combat applications, or that have dual-use purposes, the situation is different. Here, we can more reliably determine whether they meet our sustainability criteria, which means investment is possible.”
And looking beyond ‘defence’, how would you describe ASN Bank’s sustainability policy in 2026?
“Our sustainability policy is clear and consistent. We continue to be fully committed to sustainability and the protection of human rights, and we only contribute to security and resilience in ways that align with these principles.
We don’t shy away from developments in a changing world, but instead consciously choose how we make our contribution. Not by pushing boundaries, but by acting clearly and responsibly within them. In doing so, we demonstrate that sustainability and security are not at odds but are mutually reinforcing. That’s the policy ASN Bank will continue to follow in 2026.”