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While banks and insurers are often vocal about their environmental and governance aims, they are less forthcoming about disclosing their potential exposure to war, Reuters reported.<\/p>\n
UniCredit put Israel on a “forbidden” list as the conflict escalated in October last year, said a source familiar with the matter, confirming a study by the Dutch non-governmental organization (NGO) PAX.<\/p>\n
While in line with the Italian bank’s defense-sector policy of not directly financing arms exports to any state involved in the conflict, it goes beyond Italy’s guidelines on arms exports to Israel.<\/p>\n
UniCredit declined to comment on its move and the Israeli finance ministry declined to comment, according to Reuters.<\/p>\n
Meanwhile, Norwegian asset manager Storebrand and French insurer AXA have sold shares of some Israeli firms, including banks.<\/p>\n
Although corporate filings offer only a glimpse into such exposures, they show companies have been readjusting.<\/p>\n
Israeli Finance Minister Bezalel Smotrich told a press briefing last week that although there are challenges to Israel’s economy, firms are still raising money. “I sit with foreign investors and they believe in our economy,” he said.<\/p>\n
Reuters has reported that Israel’s investor base has narrowed since it began a large-scale military campaign in Gaza last year after Hamas’ attack and it is feeling the effects of rising borrowing costs.<\/p>\n
The potential wider effects can be seen in the approach Storebrand took, which a filing showed divested a holding worth about $24 million in Palantir, citing the risk of violations of international humanitarian law and human rights.<\/p>\n
US group Palantir, which provides technology to Israel’s military, did not respond to a request for comment.<\/p>\n
Storebrand’s annual investment review said that, as of the end of 2023, it had excluded 24 firms, including Israeli companies, across its portfolios about the occupation of Palestinian territories.<\/p>\n
The International Court of Justice, the United Nations’ highest court, ruled in January of plausible risk of irreparable harm to Palestinian rights to be protected from genocide.<\/p>\n
The same court said in July that Israel’s occupation of Palestinian territories, including the settlements, is illegal.<\/p>\n
MNA<\/p>\n<\/p><\/div>\n