Oslo, SANA-Norway’s Sovereign Wealth Fund has announced it is divesting from five Israeli banks, citing ethical concerns over the ongoing war in Gaza and the expansion of settlements in the occupied West Bank.
The fund — the world’s largest, with assets exceeding $2 trillion — has already withdrawn from 23 Israeli companies since June 30 in response to what it described as continued violations in Gaza and Israel’s refusal to allow humanitarian aid into the enclave.
According to Reuters, the fund confirmed its exit from Bank Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel, and F.I.B.I. Holdings. It also announced divestment from U.S. construction equipment manufacturer Caterpillar, citing what it called an “unacceptable risk of contributing to serious human rights violations in situations of war and conflict.”
Fund data shows its combined holdings in the five Israeli banks totaled $661 million as of June 30. Prior to the divestment, the fund also held a 1.17% stake in Caterpillar, valued at $2.1 billion.
Last week, the fund further excluded six Israeli companies linked to activities in the West Bank and Gaza from its investment portfolio, while selling shares in six others.
Reem Manar Salameh
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