Deutsche Bank Denies Boycotting Israel's Hapoalim

Bank denies report it flagged Israeli bank as morally questionable investment.

Deutsche Bank said Tuesday that it is not boycotting Bank Hapoalim or any other Israeli company, denying a report that it was flagging the bank as a morally questionable investment for its clients.

"We wish to make it explicitly clear that Deutsche Bank is not boycotting any Israeli company," Deutsche Bank told Haaretz, adding, "we have many funds that invest in Bank Hapoalim and many other Israeli companies."

The statement explained that the flagging regarded a single client, a fund named "Ethical MSCI World Index UCITS ETF."

"As part of the regulatory approval process we are required to publish the foundation's list of the excluded securities on our ETF platform website. The fund has not been sold to any other clients and has not been listed on any stock exchange," Deutsche Bank said.

Israel's Walla news portal on Monday reported that Deutsche 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.

The bank's clarification seems to indicate that this is conducted on a case-by-case basis and is not part of its policy.

Tomer Appelbaum