Dexia Group

A European bank that specializes in the public sector. In 2001, the bank purchased the Israeli Municipality Treasure Bank and established Dexia Israel.

The bank is the major shareholder of Dexia Israel, holding 65.3% of its shares. Dexia Israel has been giving long-term loans and other financial services to municipalities of Israeli settlements in the occupied territories.

In 2009, Dexia Israel issued a 6.8 million NIS loan for waste management systems in the settlement of Bat Ayin. The loan is given from state funds through the administration for sewage infrastructures.

Dexia Israel provided a guarantee for a project of the Israeli Ministry of Defense to purchase and install lighting around the Kdumim settlement.

Dexia Israel provides fund management for several settlements; the Gush Etzion settlement regional council receives all of its state funds through Dexia Bank; the bank operates the account of Katzerin settlement in the Golan Heights. Katzerin receives funds from various government offices through Dexia Bank.

All Mifal HaPayis (Israeli national lottery) grants given to settlements for construction of buildings and facilities are transferred through Dexia Israel bank. Between 2010-2013, Mifal HaPyais provided grants to the following settlements: Alfei Menashe, Alon Shvut, Ariel, Atniel, Beit El, Beitar Illit, Bney Yehuda (Golan Heights), Dolev, Efrat, Elazar (Gush Etzion), Elkana, Eshkolot (South Hebron hills), Etz Efraim, Geva Binyamin (Adam), Givat Ze'ev, Har Hadar, Hagay, Hinanit, Hashmonaim, Imanuel, Itamar, Kalia, Karney Shomron, Katzrin (Golan Heights), Kdumim, Kfar Adumim, Kiryat Arba, Kohav Hashahar, Ma'ale Adumim, Ma'ale Efraim, Mevo Beitar, Mevo Horon, Modi'in Illit, Neveh Daniel, Nili, Nofim, Ofra, Oranit, Peduel, settlement neighborhoods in East Jerusalem, Shilo, and Yakir.

In addition, between 2010-2013, grants were given to the following regional councils in the OPT: Bik'at Hayarden (the occupied part of the Jordan Valley), Megilot Dead Sea regional council, Har Hevron, Mate Binyamin, Gush Etzion, and Shomron. Grants were also given to the regional council in the Golan Heights.

Following public campaigns led by the Belgian Intal Group, the bank announced in June 2009 that financing Israeli settlements is contrary to its code of ethics, and that since September of 2008 has not provided new loans to West Bank settlements. However, contrary to this announcement, the bank has continued to provide loans to local and regional councils of settlements after September 2008. The group announced its intention to sell the Israeli bank, yet as of August 2013, the sell was not finalized.

Due to financial difficulties, in October 2011, Dexia Group started a reorganization process that included selling Dexia Bank Belgium to the Belgian government and Dexia Municipal Agency to the French government. The Dexia Group based in Brussels still exists and controls Dexia Israel through its French arm, Dexia Credit Local.

Click here to read a full report from Who Profits, and here for a recent update on the involvement of the Israeli banks in the financing of the occupation.

Economic Activism Highlights

  • During March of 2016, the State of Illinois announced that it will divest from Dexia Bank, following the company's announcement of the sale of its affiliate branch in Israel.
  • Nordea Bank began an engagement process with Dexia in 2011.
  • In 2011, Triodos Bank excluded Dexia Bank, citing its “ongoing financing of Israeli settlements in the Occupied Palestinian Territories.”

Stock symbols

EBR : DEXB

Reasons included