Germany's Largest Bank Flags Israel's Hapoalim as Morally Questionable Investment

Deutsche Bank includes Israeli bank on a list of companies whose conduct is ethically questionable, Israeli website Walla reports.

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Deutsche Bank, Germany's largest bank, has included Israel's Hapoalim Bank on a list of companies who are ethically questionable for investment, Israel's Walla website reported on Monday.

According to the report, the bank launched a "moral investment plan" for investors who wish to make sure their funds are not put to unethical use, and which includes companies who are involved in problematic areas such as mines production and nuclear weapons manufacturing.

Estimates in Israel, the report adds, are that Hapoalim was targeted because of its activity in the settlements.

Earlier this month, Denmark's largest bank decided to blacklist Hapoalim because of its involvement in the funding of settlement construction.

Danske Bank added Bank Hapoalim to its list of companies in which the company cannot invest due to its corporate accountability rules.

In January, the Norwegian Ministry of Finance announced that it decided to exclude Israeli firms Africa Israel Investments and Danya Cebus from its Government Pension Fund Global.

According to the announcement, the Ministry of Finance received a recommendation on November 1 from the Council of Ethics to exclude the two companies from the fund "due to contribution to serious violations of individual rights in war or conflict through the construction of settlements in East Jerusalem."

Likud MK Ofir Akunis called on the German bank to reverse its decision. "A German bank boycotts Jews? Could it be? These things have happened before," he wrote in his Facebook account. "In light of history, this bank better reverse its unethical decision!"

Bank Hapoalim at Ben-Gurion University, 2013.Credit: Eliyahu Hershkowitz

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