Dutch largest pension fund PGGM boycotts Israel over Palestinian occupation and illegal settlements

The largest Dutch pension fund company, PGGM, has reportedly chosen to withdraw all its investments from the five largest Israeli banks, whose branches are involved in financing construction in the settlements in the West Bank.

Over the past few months the Dutch pension giant has informed some of Israel's top banks, such as Bank Hapoalim, Bank Leumi, Bank Mizrahi-Tefahot, the First International Bank of Israel and Israel Discount Bank, that their ties with the settlements, and/or companies involved in construction there, were an obstacle from the standpoint of international law, a source told Haaretz.

PGGM's stance is based on an International Court of Justice ruling, which in 2004 concluded that the barrier being built around the West Bank was illegal and should be pulled down, with the "security wall" violating the rights of Palestinians.