Norway’s Government Pension Fund Global has withdrawn $661 million in investments from five Israeli banks, valued as of last June, as part of an ethical review of its holdings in the Israeli banking sector, the Palestine News Agency reported via Arab News. The decision, announced Monday, affects First International Bank of Israel, FIBI Holdings, Bank Leumi, Mizrahi Tefahot Bank, and Bank Hapoalim.
The world’s largest sovereign wealth fund, worth around $1.9 trillion across more than 8,600 companies, manages its portfolio through Norges Bank Investment Management. In August 2025 it divested from the US-based Caterpillar Inc. and five Israeli banks for ethical reasons, excluding entities over “the unacceptable risk that the companies contribute to serious violations of individuals’ rights in situations of war or conflict,” and separately sold its investments in 11 Israeli companies after reports it had held an Israeli jet engine maker during the Gaza war.