Deutsche Bank Denies Boycotting Bank Hapoalim


Deutsche Bank denied on Tuesday that it is boycotting Bank Hapoalim or any other Israeli company, Haaretz reported.

The giant German banking and financial services firm said that a report it was flagging the Israeli bank as a morally questionable investment for its clients was untrue.

“We wish to make it explicitly clear that Deutsche Bank is not boycotting any Israeli company,” Deutsche Bank said in a statement, adding, “we have many funds that invest in Bank Hapoalim and many other Israeli companies.”

The statement explained that the flagging regarded a single client, a fund named “Ethical MSCI World Index UCITS ETF.”

“As part of the regulatory approval process we are required to publish the foundation’s list of the excluded securities on our ETF platform website. The fund has not been sold to any other clients and has not been listed on any stock exchange,” Deutsche Bank said.

Israel’s Walla news portal on Monday claimed that Deutsche Bank set up a “moral investment plan” for investors who do not want their funds invested in such problematic areas as mines production and nuclear weapons manufacturing.