First International Bank of Israel Ltd
FIBI
2
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
First International Bank of Israel Ltd (FIBI), one of Israel's largest banks, provides financial services that facilitate the expansion of Israeli settlements in the occupied Palestinian territories. Through its subsidiary Bank Ostar HaHayal, FIBI has provided financial services to at least four illegal settlements in the occupied West Bank. The United Nations Human Rights Council has listed FIBI in its database of business enterprises involved in activities related to Israeli settlements, which are considered illegal under international law. The bank’s financial activities in these territories materially support settlement infrastructure and economic life, contributing to ongoing human rights violations.
First International Bank of Israel provides financial services that are a necessary prerequisite for construction activity in Israeli settlements in the West Bank, including by issuing guarantees to construction companies building apartment blocks there. These settlements have been established in violation of international law, and their continued existence contributes to an ongoing armed conflict. The bank's activities in these areas were specifically cited in a 2020 United Nations list of companies involved in such operations.
The Norges Bank Executive Board decided to exclude the bank in August 2025, citing its contribution to these violations. An earlier 2018 report, "Bankrolling Abuse," detailed how the provision of banking services in settlements facilitates violations of international law. There is no public evidence of an affirmative argument that the civilian population in these conflict zones would be materially worse off without the bank's specific services.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.