Barclays has previously said it recognises “the profound human suffering” caused by the “complex and long-running conflict” in Gaza.
However, it insisted it does not make its own investments, but provides financial services to businesses “including those in the defence sector”.
That includes companies “that supply defence products to Nato and other allies including Ukraine”.
It added that “Barclays does not directly invest in these companies” and that “decisions on the implementation of arms embargoes to other nations” should be taken by governments.
Protest group Bands Boycott Barclays called the bank’s decision to suspend its ties with the festivals a “victory”.
“As musicians, we were horrified that our music festivals were partnered with Barclays, who are complicit in the genocide in Gaza through investment, loans and underwriting of arms companies supplying the Israeli military,” they said.
“Hundreds of artists have taken action this summer to make it clear that this is morally reprehensible, and we are glad we have been heard.”
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