Overview

• Norges Bank Investment Management acted on advice from its Council on Ethics, which said Caterpillar bulldozers are used in the unlawful destruction of Palestinian property and that the company has not taken steps to prevent such use.
• The excluded lenders are Bank Hapoalim, Bank Leumi, Mizrahi Tefahot, First International Bank of Israel and FIBI Holdings, cited for providing financial services that enable settlement construction the council deems contrary to international law.
• NBIM held roughly a 1.17–1.2% stake in Caterpillar valued at about $2.1–$2.4 billion before the divestment, while stakes in the five Israeli banks were valued at a combined $661 million.
• The wealth fund said the latest actions form part of an ongoing ethics review of Israel-linked holdings, with cumulative divestments related to the review reported to be close to $3 billion.
• The decisions follow earlier steps to centralize Israeli mandates and sell additional holdings after a government-ordered review, with the fund reiterating its mandate to apply ethical guidelines across its global portfolio.