Falkirk divests from bank operating in occupied territories

BDSUNISON Scotland International Committee (Boycott Divestment Campaign): UNISON Scotland International Committee would wish to congratulate Falkirk Council on their decision to divest from the Israeli Bank Hapoalim, but also the rationale for reaching that decision.

The Scottish pension fund which manages £2.3 billion in the pension funds for Falkirk, Stirling and Clackmannanshire councils, sold off its £6m holding in Bank Hapoalim following an assessment by the fund manger that concluded the political and reputational risks associated with Israeli Bank Hapoalim were significant.

The fund management had earlier “challenged the bank on several occasions regarding their activities in the occupied territories of Palestine and their approach to human rights” and reported that Bank Hapoalim “admits that it provides mortgages to customers in the occupied territories “despite, as Falkirk pension funds notes, business activity in the occupied territories is generally considered a breach of international law.

Its worth noting that both Lothian and Tayside pension funds still hold stock in Bank Hapoalim.

The international committee would wish to thank Falkirk and Clackmannanshire UNISON members and activists for all their great work. Please keep up the work and hopefully other councils will take note of Falkirk’s excellent stance.

Sam Macartney
UNISON Scotland International Committee
(Chairperson )

The details of Time to Divest are here. https://unison-scotland.org/boycott-disinvestment-and-sanctions-pensions/