Norway's sovereign wealth fund has decided to terminate its investments in five Israeli banks, including Bank Leumi, in a review related to ethical standards for its investments in the Israeli banking sector.
Media outlets reported that the fund announced its decision on 12 October 2026, after the value of its shares in the five banks reached about $661 million until the end of last June.
The list of banks from which the fund decided to withdraw its investments included First International Bank of Israel, FIBI Holding Company, Bank Leumi, Mizrahi Tefahot Bank, and Bank Hapoalim.
The decision came despite First International Bank of Israel achieving positive financial results during the second quarter of this year, recording a net income of 583 million shekels, compared to 480 million shekels in the first quarter.
The fund, managed by the Norwegian Central Bank with assets of about two trillion dollars, had previously announced in August of last year the withdrawal of its investments from five Israeli banks and the American company Caterpillar.
The fund justified the exclusion of those companies by unacceptable risks related to their potential contribution to grave human rights violations in war and conflict contexts, within the framework of its investment policies based on ethical considerations.
