“Many defence firms have had trouble with simple things like getting a bank account,” said Florian Seibel, the co-founder of Quantum Systems, a maker of surveillance drones that operates in Ukraine. “At a working level the bank staff will say ‘of course we should finance this defence project.’ But then the deal is blocked as it goes against some internal rule.”
As Europe makes defence the bloc’s No 1 priority, it’s bumping up against its own bankers.
Defence industry executives, politicians and senior bankers alike are now calling for an urgent revamp of regulations and internal processes to make it easier for banks to quickly channel funds into arms manufacturers and military contractors.
