New report exposes billions in European financial support to companies in illegal Israeli settlements

The “Don’t Buy into Occupation” (DBIO) coalition is a joint project between 25 Palestinian, regional and European organisations based in Belgium, France, Ireland, the Netherlands, Norway, Spain and the United Kingdom (UK), including FIDH and its member leagues Al-Haq and the Cairo Institute for Human Rights. The coalition investigates the financial relationships between businesses involved in the illegal Israeli settlement enterprise in the Occupied Palestinian Territory (OPT) and European Financial Institutions (FIs). [1]

Providing economic oxygen

Israeli settlements are illegal under international law and constitute acts which incur individual criminal liability as war crimes and crimes against humanity under the Rome Statute of the International Criminal Court (ICC). Yet European financial institutions continue to invest billions into companies that are actively involved with the Israeli settlement enterprise.

Research by the DBIO coalition shows that between 2018 and May 2021, 672 European financial institutions, including banks, asset managers, insurance companies, and pension funds, had financial relationships with 50 businesses that are actively involved with Israeli settlements. [2] US$ 114 billion was provided in the form of loans and underwritings. As of May 2021, European investors also held US$ 141 billion in shares and bonds of these companies.

These businesses and financial institutions play a critical role in facilitating the economic viability growth of the Israeli settlement enterprise.

The 50 companies for which this research found financial relationships with European financial institutions, are: ACS Group, Airbnb, Alstom, Altice Europe, Ashtrom Group, Atlas Copco, Bank Hapoalim, Bank Leumi, Bezeq Group, Booking Holdings, Construcciones y Auxiliar de Ferrocarriles (CAF), Caterpillar, Cellcom Israel, Cemex, CETCO Mineral Technology Group, Cisco Systems, CNH Industrial, Delek Group, Delta Galil Industries, DXC Technology, eDreams ODIGEO, Elbit Systems, Electra Group, Energix Renewable Energies, Expedia Group, First International Bank of Israel (FIBI), General Mills, HeidelbergCement, Hewlett Packard Enterprise (HPE), Israel Discount Bank, Magal Security Systems, MAN Group, Manitou Group, Matrix IT, Mivne Group, Mizrahi Tefahot Bank, Motorola Solutions, Partner Communications Company, Paz Oil Company, Rami Levy Chain Stores Hashikma Marketing 2006, RE/MAX Holdings, Shapir Engineering and Industry, Shikun & Binui, Shufersal, Siemens, Solvay, Terex Corporation, Tripadvisor, Volvo Group, and WSP Global.