The Swiss National Bank (SNB) is investing money in nine companies that are facing sharp international criticism for their military cooperation with Israel. At the same time, the SNB emphasises ethical principles. How does this fit together? +Get the most important news from Switzerland in your inbox Caterpillar is one of the nine companies. The US company’s bulldozers are “nuclear weapons” of the Israeli military, which have been “used in almost all military activities since 2000,” Francesca Albanese, the UN Special Rapporteur for the Palestinian Territories, wrote in a report. + Major Swiss banks invest in weapons manufacturers Research by Swiss public broadcaster SRF shows that, as of mid-2025, the SNB owns shares in Caterpillar, as well as in other defence and technology companies that Albanese has sharply criticised. The report states that companies like Caterpillar, Elbit Systems, and Leonardo are partly responsible for human rights violations due to their collaboration with …