Dutch pension fund pulls out of Israeli banks

By Sandy Rashty, January 8, 2014 Follow Sandy on Twitter

One of the largest pension asset management companies in the Netherlands has said that it divesting from five Israeli banks because they finance Jewish settlements in occupied territories.

A branch of Bank Hapoalim in Ashkelon, Israel. (Photo: REUTERS/Amir Cohen)

PGGM, which reportedly manages over £125 billion in funds, issued a statement saying it would no longer work with Hapoalim, Leumi, the First National Bank of Israel, the Israel Discount Bank and the Mizrahi Tefahot Bank.

The decision is expected to cost Israel tens of millions of pounds, according to Haaretz.

A PGGM spokesperson told newspapers: “The reason for this was their involvement in financing Israeli settlements in occupied Palestinian territories. The settlements in the Palestinian territories are considered illegal under humanitarian law.”


I believe another Netherlands pension fund is about to divest – forgot the name. The Netherlands, Vitens, have also ended their projects with Israel. I read where academia were also boycotting. And I think the Netherlands Unilever withdrew a couple of years ago – no great loss with that outfit – their products contain GMO’s-> Becel/Flora, Bertolli, Country Crook/Blue Brand/Rama, Heartbrand, Hellmann’s/Amora, Korr, Lipton, and Slim·Fast.

PGGM also invests in the Republic of Angola, Chevron, Exxon, and Wal-Mart. I’m surprised they’re not invested in the Anglo/Dutch Shell Oil.

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