Luxembourg pension fund boycots major Israeli banks

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http://www.maannews.net/eng/ViewDetails.aspx?ID=676526

BETHLEHEM (Ma'an) -- Luxembourg's general pension fund has decided to boycott five major Israeli banks and a number of major Israeli investment companies over their involvement in supporting construction in illegal settlements in the West Bank, according to the Hebrew-language news site Walla.

In a report published Tuesday, Walla news highlighted that names of the Israeli banks and companies appeared on a list banned by the Fond De Compensation last updated on Nov. 15, 2013. The list, titled on the FDC website as "Exclusion List," included 60 international banks and companies which FDC decided to boycott over human rights violations.

The Israeli banks and companies on the list are the Africa Israel Investment group identified by FDC as Real Estate, Management and Development group, Bank Hapoalim, Bank Leumi, Elbit Systems, aerospace and defense group, Finmeccaneca, also aerospace and defense group, First International Bank of Israel, Israel Discount Bank, Jerusalem Economy LTD, the Real Estate, Management and Development Group and Mizrahi Tefahot Bank LTD.

It was explained on the list that the Israeli banks and organizations appeared because they support and finance construction of "illegal Israeli settlements in Occupied Territories of the State of Palestine" and some provide security systems for the "illegal separation barrier on Occupied Territories of the State of Palestine."

The Walla report highlighted that the direct impact of this boycott could be zero, but it is still worrying because it is a chain in an ongoing divestment process.