Dutch pension fund disinvests millions from Israeli banks, and for the right reasons
Dutch pension fund asset manager PGGM has stopped investing in five Israeli banks because they are financing construction activities in Jewish settlements over the green line and have branches in the West Bank. PGGM is withdrawing on the basis of UN resolutions which have defined these settlements as illegal.
PGGM, which invests on behalf of the Dutch health service pension fund, has invested tens of millions of euros in Bank Hapoalim (TASE: POLI), Bank Leumi (TASE: LUMI), Israel Discount Bank (TASE: DSCT), Mizrahi Tefahot Bank (TASE:MZTF), and First International Bank of Israel (TASE: FTIN).
The banks informed PGGM that Israeli law forbade them from not providing services in the West Bank settlements.
- Gulfnet collaborates on global cybersecurity platform
- Middle East poised to become an industry leader in 3D printing
- UAE Space Agency, Lockheed Martin ‘blast off’ with professional training program
- Show me the money: Lebanon addresses bank transfer delay problems
- Kuwait to receive French helicopters in $1.1B deal
- The impending avalanche? More European funds mull boycotting Israel
- Wrong for so many moral and amoral reasons: why state spending on illegal settlements is even bothering Israelis themselves
- Norway fund blacklists Israeli firms with settlement ties
- Boycotting Israeli businesses: chatter vs. realities
- Israeli finance minister suspends West Bank settlement funds