ING, ABP indirectly invested in Israeli settlements: report

Eight Dutch banks, pension funds and insurers invested in companies involved in some way in Israeli settlements in Palestinian territories. The biggest culprits are bank ING and pension fund ABP, who invested billions in companies that make money from the Israeli settlements, a coalition of 25 civil society organizations said in a report Don't Buy into Occupation, Trouw reports.

Israel uses the services and products of all kinds of companies to build and expand its occupation of Palestinian territories. Not only those companies, but also their financiers, are at risk of being involved in human rights violations, according to the report.

Between 2018 and May 2021, eight Dutch financial institutions invested 8 billion euros in companies involved in the occupation of Palestine, according to the researchers. ING Group invested 3.9 billion euros into companies like Caterpillar (machinery), Cemex (cement), and Siemens (trains and traffic systems), among others. ABP invested 923 million euros in shares in 21 such companies.

The other Dutch institutions mentioned in the report are ABN Amro, Rabobank, Van Lanschot Kempen, Aegon, NN Group, and pension fund Zorg en Welzijn.

A total of 672 European financial institutions had business relations with 50 companies that play an active role in the Israeli-occupied territories. Given the serious consequences of the occupation for the Palestinian population, these financial institutions may be involved in violations of international law and international crimes, the coalition said.