Bank Leumi Le-Israel B.M.

Bank Leumi provides financial services that are a necessary prerequisite for construction activity in Israeli settlements in the West Bank, which are illegal under international law. The bank’s operations in these settlements facilitate their ongoing existence and expansion. The UN High Commissioner for Human Rights listed Bank Leumi in 2020 as one of the companies involved in business activities related to the illegal settlements.

The Council on Ethics for the Norwegian Government Pension Fund Global recommended the bank’s exclusion on these grounds, concluding that by providing these services, Bank Leumi contributes to an ongoing breach of international humanitarian law. The fund’s Executive Board decided to exclude the bank in August 2025. While the bank provides general banking services and has made donations to support residents in conflict zones, these activities do not constitute an affirmative defense under the exclusion criteria, as the core service in question sustains the infrastructure of illegal settlements in an active conflict area.