Dutch Pensions Group Removes Top Israeli Banks From Blacklist

PGGM had divested from all five leading Israeli banks over 'ethical concerns' pertaining to their presence or actions in the West Bank

The Bank Leumi Le-Israel Ltd. logo sits on the front of the company's headquarters in Tel Aviv, Israel
Bloomberg

A large Dutch pensions group has reversed its blacklisting of Israeli banks from 2014.

PGGM had divested from all five leading Israeli banks over “ethical concerns” pertaining to their presence or actions in the West Bank, disputed territory where Palestinians are the majority but where hundreds of thousands of Israelis also live. The decision to blacklist was seen as a major victory for advocates of attempts to boycott Israel.

But on Wednesday, the Nieuw Israelitisch Weekblad, or NIW, revealed that the Israeli banks have been taken off the blacklist and are therefore now presumed eligible for investment and other transactions by PGGM.

The report did not say whether PGGM has invested or otherwise dealt with the banks in question.