SNB divests from extractive industries with new divestment.

Swiss National Bank sold its stake in Anglo Australian miner Rio Tinto, adding to a recent series of divestments by companies in the extractive industries. LSEG data show.

Unsere (Our) SNB is a group of 200 SNB shareholders that includes environmental groups. They claim the Rio Tinto divestment represents the entire stake in the SNB and values it at $227 millions. The SNB sold the 3.8 millions shares between June 2 to July 21.

Rio Tinto and SNB declined comment.

According to an analysis of LSEG company filings based on data, the SNB sold oil and gas stocks worth more than twice what it invested in the sector since 2024.

ENVIRONMENTAL CAMPAIGNERS ENCOURAGED TO MOVE

LSEG data show that among the largest recent sales of the central bank were divestitures from Chevron and BP.

The SNB has been under pressure for years to divest its investments in companies that they claim harm the environment.

Asti Roesle is the coordinator for Unsere SNB. She said, "This is a step in the right directions, but the SNB still has a lot to do."

At the end of August, the SNB, which is ranked 10th in terms of size by assets, had a quarter (741 billion Swiss Francs) of its foreign currency investments held in stocks.

It is not clear why the SNB has made its latest divestments.

SNB EXITED COAL MINERS BY 2020

SNB previously stated that it follows a passive and market-neutral investment strategy, with the aim of replicating equity markets while diversifying investments as widely as possible.

When the SNB decided to change its strategy, it announced that decision - such as its 2020 decision not to invest in thermal coal producers. John Revill is reporting. Clara Denina contributed additional reporting. Mark Potter (Editor)

(source: Reuters)