BNP Paribas SA will “progressively disengage” from its relationships with tobacco clients by ceasing to fund and advise tobacco companies because of health concerns, Bloomberg reported.

The Paris-based bank, whose clients are said to include British American Tobacco, Imperial Brands and Philip Morris International, says it will withdraw from providing services to companies that draw the majority of their revenue from tobacco.
Laurence Pessez, the lender's global head of corporate social responsibility, made the announcement in an interview, citing the World Health Organisation's recognition of smoking as the leading cause of preventable death. The move follows a recent decision by the U.N. Global Compact to shun tobacco companies from its responsible economy initiative, Bloomberg reported.
“This decision is effective from now and the withdrawal of course will be progressive to the extent that we want to honour our commitments with our clients,” Pessez was quoted as saying.
The decision reportedly includes all products and services offered by the bank and applies to manufacturers, traders and wholesalers of tobacco products.