Barclays approves Israeli weapons-parts maker NextVision as future client despite IDF links
Barclays has approved a company that makes weapons parts for the Israel Defense Forces (IDF) as a future client, undermining its efforts to distance itself from IDF-linked companies, the Bureau understands.
Executives at the bank have agreed that it can work with NextVision, a $7bn Israeli company that produces cameras for commercial and military uses. These cameras are integrated into drones made by various IDF suppliers including Israel Aerospace Industries, the weapons giant Elbit Systems and the defence tech company Uvision, which specialises in exploding “suicide drones” reportedly used in Gaza.
Israel has been accused of committing genocide in Gaza by multiple world leaders and hundreds of humanitarian organisations. A genocide case brought against the country by South Africa at the International Court of Justice is ongoing.
Patrick Harvie, a Green MSP who recently called for Barclays to be excluded from the Scottish government’s bond scheme, said: “There can be no moral defence for working with a company that is so directly linked to arming the Israeli military.
“In the past Barclays has used weasel words and technicalities to defend its links to Israeli arms companies in the past, and activists have seen right through them.
“Its executives are not stupid. They are well aware of the genocide that has been inflicted on Palestinians in Gaza and the systemic repression and violence of settlers in the West Bank.”
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.
NextVision has also capitalised on the recent boom in AI-powered defence technology, counting Anduril and PDW, which produce semi-autonomous drones and weapons systems, among its customers.
Its links to the IDF have also led to some consternation among investors, with the Norwegian pension fund KLP deciding to exclude the company from its investments last year.
“NextVision has for a long time sold critical components to arms manufacturers that supply a state which is, according to international organisations, violating international law,” said KLP in its decision.
Barclays’ shares in Elbit, which were worth $3.4m, have also been sold, though the bank has denied that this was a divestment because the shares were only held on behalf of clients.
However, the proposal to work with NextVision would create a new connection to IDF suppliers. Barclays could earn fees by acting as a financial advisor for NextVision if it wanted to raise more money or explore other corporate opportunities.
Lewis Backon, campaigns officer at the Palestine Solidarity Campaign, said: “Barclays is a major financer of companies supplying Israel with weapons and military technology used to commit genocide in the Gaza Strip, and impose military occupation and apartheid across the rest of Palestine.
“Instead of taking responsibility for its decisions to bankroll genocide and apartheid, Barclays shamefully tries to deflect blame onto its clients. Barclays must end all financial ties to companies enabling Israel’s crimes.”
Barclays declined to comment; NextVision did not respond to requests for comment.
Technology & Business Editor
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