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A branch of Israel’s Bank Leumi. Photo: Reuters / Nir Elias / File.
New Zealand’s sovereign wealth fund divested from five Israeli banks on Wednesday, citing their alleged funding of Israeli settlements in the West Bank as the reason, and drawing sharp criticism for focusing on the Jewish state while ignoring the world’s major abusers of human rights.
In a statement, The Guardians Board of New Zealand Super Fund (NZSF) which manages assets in excess of $36 billion (US) said they had “excluded five Israeli banks on responsible investment grounds.”
“There is credible evidence that the excluded companies provide project finance for the construction of Israeli settlements in the Occupied Palestinian Territories, which is an integral aspect of settlement construction,” the statement asserted. “We believe that without the banks’ involvement the settlement activity would not be proceeding at the scale seen in recent times.”