A total of 822 financial institutions this year have ties with 58 firms “actively involved” in illegal Jewish settlements, in comparison to 776 in 2023.
A study by a coalition of civil societies indicated on Tuesday that an increasing number of European financial institutions maintain business relations with companies associated with Israeli illegal settlements, urging for “heightened due diligence,” Reuters reported.
According to the study, conducted by the ‘Don’t Buy into Occupation’ coalition, a total of 822 financial institutions this year have ties with 58 firms “actively involved” in illegal Jewish settlements, in comparison to 776 in 2023.
The coalition urged in its report “for heightened scrutiny and, if necessary, for divestments,” Reuters news agency said.
“The indication is that things are going the wrong way,” Andrew Preston, of Norwegian People’s Aid reportedly said.
The Norwegian People’s Aid is amongst 25 other European and Palestinian civil society groups that conducted the study.
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At the Geneva Press Club where the report was presented, Preston noted that these European financial institutions need to reassess their positions on the topic.
“In our view, European financial institutions should be urgently reassessing their approach to companies involved in the illegal Occupation,” he said, according to Reuters.
The Israeli Finance Ministry declined to comment so far on the issue, according to Reuters.
Companies Exposed
The study of the Don’t Buy into Occupation coalition exposed several renowned financial institutions, namely BNP Paribas and HSBC, which have ties with illegal Jewish settlements.
The 58 partner firms “actively involved” in illegal Jewish settlements include Caterpillar Inc., and travel sites namely Booking.com, and Expedia, the report said.
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While Booking.com has said earlier that it updated its information “to make informed decisions about disputed and conflict-affected areas”, Expedia noted that “accommodations are clearly identified as Israeli settlement located in Palestinian Territory.”
According to the report, several of the 58 firms but not the entirety are listed as well in a United Nations database of companies conducting business with illegal Jewish settlements.
The report indicated that various financial institutions have divested from companies with ties to illegal Jewish settlements in recent years, including Norway’s pension fund, KLP.
All Israeli settlements are illegal under international law.
(PC, Agencies)
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