A major player in the French insurance industry has divested its holdings in three banks known to support the illegal occupation of the West Bank, delivering a major win to the global campaign to boycott Israeli institutions involved in human rights abuses against Palestinians.
AXA, the multi-billionaire dollar insurance company, had been the target of a years-long effort led by Ekō, an international ethical-investing advocacy organization, pressuring it to unwind its holdings in the companies. In August, Ekō published an analysis showing AXA had unwound its previous holdings in Bank Hapoalim, Bank Leumi, and Israel Discount Bank. AXA has also not reinvested in previously held positions in Bank Mizrahi-Tefahot or First International Bank of Israel, two additional targets of the campaign.
The banks were listed in a United Nations database of companies deemed complicit in maintaining the illegal occupation of the West Bank. “Foreign businesses that invest in these banks are complicit in Israeli war crimes,” said Leili Kashani, a senior campaigner at Ekō. …more