A major Israeli commercial bank that provides mortgages to home buyers in Israeli settlements in the occupied territory.
Through its subsidiary, Bank Otsar HaHayal (68% ownership), the bank provides loans to local authorities of settlements and to Israeli businesses operating in the occupied territory. Bank Otsar HaHayal also has a branch in the settlement of Ariel.
Another subsidiary of the bank, PAGI Bank (68.7% ownership), has branches in the settlements of Beitar Illit and Modi'in Illit.
Economic Activism Highlights
- On January 12, 2016, the United Methodist Church’s Pension Board, one of the largest Protestant denomination in the U.S., placed five Israeli Banks on its divestment list, claiming that these companies “pose excessive human rights risks.” The five banks are Bank Hapoalim, Bank Leumi, First International Bank of Israel, Israel Discount Bank, and Mizrahi Tefahot Bank.
- Dutch pension fund PFZW excluded the First International Bank of Israel in 2014, citing its role in “financing... settlements in the occupied Palestinian territories.”
- In February 2014, Luxembourg's national pension fund excluded the bank because of its “financing illegal settlements in occupied territories (State of Palestine).”