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.
Bank Hapoalim B.M. provides essential banking and financial services that facilitate the construction and expansion of Israeli settlements in the occupied West Bank and East Jerusalem. As one of Israel's largest banks, it maintains branches and offers mortgages, loans, and commercial banking within these settlements, which are considered illegal under international law. This activity materially supports the infrastructure and permanence of the settlements.
The bank’s involvement has been specifically documented by research organizations focused on the occupation. For instance, AFSC Investigate and Who Profits have identified Bank Hapoalim as deeply involved in financing illegal settlement construction. A 2022 divestment motion at the University of British Columbia cited the bank’s role in human rights violations against Palestinians as grounds for divestment. While the bank has not publicly responded to these specific allegations, its ongoing operations within the settlements constitute a direct and material link to the occupation.
Research Sources
1 organization
Related Exclusions
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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.