The Council on Ethics recommends excluding the companies First International Bank of Israel Ltd (First) and FIBI Holdings Ltd (FIBI) from the Government Pension Fund Global due to an unacceptable risk that the companies contribute to serious violations of individual rights in situations of war and conflict.
By providing financial services that are a necessary prerequisite for construction activity in Israeli settlements in the West Bank, including East Jerusalem, First has, in the Council’s assessment, contributed to the maintenance of Israeli settlements. FIBI, through its controlling ownership stake in First, has significant influence over First’s operations, and the companies are therefore assessed together. The settlements have been established in violation of international law, and their continued existence constitutes an ongoing breach of international law. The Council considers that there is an unacceptable risk that First will continue, through the provision of financial services, to contribute to the maintenance, expansion, and/or establishment of Israeli settlements, which forms the basis for recommending the company’s exclusion from the GPFG.
The Council on Ethics issued its recommendation on 25 June 2025. Norges Bank announced its decision to exclude the company on 25 August 2025.
Read the full assessment here.