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.
F I B I Holding is the parent of First International Bank of Israel, which finances settlement construction and operates branches within Israeli settlements. AFSC places First International Bank on its BDS shortlist. The nexus is direct: settlement mortgage and construction financing.
F I B I Holding Ltd, through its subsidiary First International Bank of Israel, provides essential financial services that facilitate construction activity in Israeli settlements in the West Bank. These settlements have been established in violation of international law, and their continued expansion constitutes an ongoing breach. The bank operates branches within these settlements and provides the financing necessary for their development.
In August 2025, Norges Bank decided to exclude F I B I Holding Ltd from its investment universe. The Council on Ethics for Norway’s Government Pension Fund Global concluded that the company’s financial services are a necessary prerequisite for construction in these areas. The Council noted that violations were taking place both in Gaza and the West Bank, and that the company had not implemented any measures to prevent or mitigate its contribution to these abuses. The financial services provided sustain and profit from ongoing conflict conditions in the region.
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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.