PGGM withdraws investments from top Israeli banks

Dutch pension fund asset manager PGGM has stopped investing in five Israeli banks because they are financing Jewish settlements and have branches in the West Bank, according to Israeli newspaper Haaretz.

Haaretz said PGGM is withdrawing on the basis of UN resolutions which have defined the settlements as illegal.

While it has not issued an official statement yet, PGGM reportedly said in 2010 it was reviewing its Israeli investments in view of new guidelines for socially responsible investments.

According to, several Dutch companies have recently pulled out of Israeli investments. Water company Vitens ended an alliance with Israel’s state-owned water company Mekorot and civil engineering group HaskoningDHV pulled out of a water purification plant project in eastern Jerusalem, the local website said.

PGGM is the Netherlands’ biggest pension provider, managing the pensions of some 2.5m people, which equal roughly €140bn assets under management, while total AUM is above €150bn.

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