Hundreds of European financial groups deal with firms linked to Israeli settlements: NGOs

Israeli settlement activity has expanded by a record amount and some settlers hope US President-elect Donald Trump will help them fulfill a dream of imposing sovereignty over the area seen by Palestinians as the heart of a future state.

Rising settler violence has led to US sanctions and some companies have said they would stop business in the occupied West Bank.

In total, 822 financial institutions this year have relationships with 58 firms “actively involved” in Israeli settlements versus 776 in 2023, The Don’t Buy into Occupation, coalition report said. They called for heightened scrutiny and, if necessary, for divestments.

“The indication is that things are going the wrong way,” said Andrew Preston, with Norwegian People’s Aid, which is one of the 25 European and Palestinian civil society groups which conducted the research.

“In our view, European financial institutions should be urgently reassessing their approach to companies involved in the illegal occupation,” he told the Geneva Press Club where the report was presented.

The West Bank is a kidney-shaped region about 100 km (60 miles) long and 50 km (30 miles) wide that has been at the heart of the Israeli-Palestinian conflict since it was captured by Israel in the 1967 Middle East war.

Booking.com previously announced it updated its guidelines to give customers more information to make informed decisions about disputed and conflict-affected areas. Expedia has said its accommodations are clearly identified as Israeli settlement located in Palestinian territory.

Many, but not all, of the 58 companies in the report are also listed in a UN database of companies doing business with Israeli settlements. Some financial firms have divested from firms linked to Israeli settlements in recent years, the report added, including Norway’s pension fund KLP.