Report reveals links between five French banks and insurance companies and the Israeli settlements
Author: Association France Palestine Solidarité, CCFD - Terre Solidaire, Fair Finance France, FIDH, LDH, Solidaires, CGT and Al-Haq, Published on: 4 April 2017
The [report]...reveals financial links between Israeli entities and the following French banking groups: BNP Paribas, Société Générale, Crédit Agricole (and its subsidiary Crédit Lyonnais), BPCE (and its subsidiary Natixis) and Axa.
Each of these companies has several direct or indirect minority shareholdings in banks or businesses operating in the Israeli settlements. In addition to these holdings, the companies cited finance business projects directly involved in the settlement enterprise. A notable case is the a loan totalling 288 million euros granted by a consortium of banks (including BNP Paribas, Société Générale, Crédit Lyonnais and Natixis Banques Populaires) to the Israel Electric Corporation (IEC), a company that supplies electricity directly to the settlements.
The responsibility of the French government is also highlighted in the report. France supports the European policy of “territorial differentiation” between Israel and its settlements. This policy warns businesses of the legal, economic and reputational risks of maintaining direct or indirect financial and economic links with the Israeli settlements in the Occupied Palestinian Territory.