AXA, a smash hit with apartheid?

AXA profits from war crimes and the crime against humanity of apartheid

The French multinational insurance giant AXA continues to invest $15.6M in Israeli banks, Bank Hapoalim (US$ 6.53), Leumi Bank (US$ 5.63M), Israel Discount Bank (US$ 3.08M) and Mizrahi Tefahot Bank (US$ 600K). 

These banks are all listed in the United Nations database of businesses involved in the illegal settlement enterprise in the occupied Palestinian territory and are recognised as the backbone of Israel's illegal settlement project in the occupied Palestinian territory and the associated violations of international humanitarian law and Palestinian human rights.

Since the start of 2023, the current far-right Israeli government has intensified land theft, annexation, ethnic cleansing, home demolitions and settlement expansion at an alarming rate. Israeli forces have killed at least 160 Palestinians, including 26 children, so far this year. The UN Office for the Coordination of Humanitarian Affairs (OCHA) reports that, in the first quarter of 2023, Israeli authorities have demolished, forced local people to demolish or seized, 290 Palestinian-owned structures across the West Bank and East Jerusalem. As a result, 413 people, including 194 children, were displaced, and the livelihoods or access to services of over 11,000 others were affected.

This is what AXA’s investments are helping in. 

AXA has quickly condemned and acted against the invasion of Ukraine by Russia and its devastating human consequences. Where is AXA’s responsibility towards Palestinians living under Israeli apartheid and occupation for decades? 

Aside from being morally reprehensible, AXA’s involvement in Israeli banks presents serious legal and financial risks to the company. Moody’s has recently downgraded Israel’s credit outlook, following a “deterioration of Israel’s governance” and a “weakening of institutional strength and policy predictability” which have led to months of economic instability. Add to this the unprecedented upheaval in Israel’s prized high-tech sector and an accelerating capital flight.

Our answer: #BoycottAXA until #AXADivest

Marking AXA Group's AGM, Palestine solidarity activists demonstrated creatively in front of the building where the “AGM ceremony” was taking place to increase pressure on AXA to divest from Israeli apartheid. Cheered by drivers and passers by, the one day activist-singers danced to the rhythm of the famous song "Djadja" by the singer Aya Nakamura, with alternative lyrics written for the occasion. The demonstrators called on AXA to “get out of there,” warning that “one day there will be sanctions” on Israel’s settler colonial and apartheid regime and that will adversely affect AXA.

Not even the best PR can whitewash AXA's support for apartheid. Campaigners are denouncing this, clients are unhappy, and over 10,000 people from around the world have pledged to #BoycottAXA until it divests from Israeli banks financing Israel’s illegal settlements. 

Since AXA actually decided to betray, once again, its social responsibilities, and not stop its investments in Israeli banks, we call on people worldwide to intensify our #BoycottAXA campaign until AXA fully ends its support to the Israeli apartheid regime.