Methodist Pension Board Bars Investment In 5 Israeli Banks
NEW YORK (AP) -- The pension fund for the United Methodist Church has blocked five Israeli banks from its investment portfolio in what it describes as a broad review meant to weed out companies that profit from abuse of human rights.
The fund, called the General Board of Pension and Health Benefits, excluded Bank Hapoalim, Bank Leumi, First International Bank of Israel, Israel Discount Bank, and Mizrahi Tefahot Bank, according to the pension board's website.
The Israeli bank stock the board sold off was worth a few million dollars in a fund with $20 billion in assets. The fund also sold holdings worth about $5,000 in the Israeli real estate and construction company Shikun & Binui, and barred the company from the pension group's investment portfolio.
The pension board identified Israel and the Palestinian territories among more than a dozen "high risk" countries or regions with "a prolonged and systematic pattern of human rights abuses." Other countries on the list include Saudi Arabia, the Central African Republic and North Korea.
A spokesman for Israel's foreign ministry declined to comment.
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