Axa divests $20m from Israeli banks

Written by Adam Cadle

27/08/2024

French insurer, Axa, has reportedly withdrawn $20m worth of investments in three Israeli banks which the UN has accused of supporting “illegal Israeli settlements in the occupied West Bank”.

Campaign group, Eko, said Axa has engaged in a “clear, fast, and intentional divestment” from Bank Hapoalim, Bank Leumi, and Israel Discount Bank; selling off 2.5 million shares, worth $20.4m, between 30 September 2023 and 24 June 2024 after a sustained campaign by pro-Palestine activists.

In its latest report, Eko said Axa had not reinvested in the First International Bank of Israel or Mizrahi-Tefahot Bank since at least 31 December 2022.

Speaking to the Middle East Eye, Daphne Cronin, a senior campaigner at corporate accountability group, Eko, praised the divestments but said Axa was still "not off the hook."

“This win is a testament to public pressure and what happens when people mobilise against financial actors complicit in Israeli war crimes," Cronin stated.

"We hope this sends a signal to other financial actors that funding Israeli apartheid and war crimes is not a good investment."

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