Dexia excluded from ethical investment fund
Dexia Israel Bank (DIB), a subsidiary of Dexia, has financed Israeli settlements in the past.
Belgian bank Dexia has been excluded from the Triodos sustainable investment universe because of its ongoing financing of Israeli settlements in the Occupied Palestinian Territories.
In a statement, Tridos Bank said:
Dexia Israel Bank (DIB), a subsidiary of Dexia, has financed Israeli settlements in the past. In response to shareholder and stakeholder pressure, DIB stopped new loans to Israeli settlements in June 2008. There are also indications that current loans are being withdrawn, although the longest maturity loan in the portfolio will not end until 2017. DIB’s actions have caused uproar in Israel and a regional council major in southern Israel called for a DIB boycott.
Research conducted by WhoProfits shows that Dexia continued to provide new loans to Israeli settlements beyond June 2008 and that the bank still provides financial services to settlement municipalities.
Dexia has been targeted by an ongoing campaign in Belgium which, among other things, has seen customers arrive at the bank's corporate headquarters en masse to close their accounts. A similar campaign was recently launched in Turkey.