Haaretz: Dutch pension fund boycotts Israeli banks

The Netherlands' largest pension fund management company, PGGM, has decided to withdraw its investments from Israeli's five largest banks amid their activities in the West Bank. The daily Haaretz, in its report on Wednesday, said that PGGM informed Bank Hapoalim, Bank Leumi, Bank Mizrahi-Tefahot, the First International Bank of Israel and Israel Discount Bank that their activities in the settlements and involvement with companies which are building in the settlements, is problematic under international law. PGGM based its decision on an International Court of Justice's opinion from 2004, which stipulates that settlements in the Palestinian territory are illegal and violate Article 49 of the Fourth Geneva Convention. PGGM is the Netherlands' largest pension management company and one of the leading such companies in the world, with some 150 billion Euros of pension money under management.