Belgian investors unknowingly back Israeli firms through bank funds
Most major Belgian banks offer funds that include Israeli shares and government bonds, meaning that ordinary investors are indirectly supporting Israel’s economy, according to a report in De Standaard.
BNP Paribas Asset Management’s Global Bond Opportunities fund, for example, contains eight Israeli government bonds worth 649,000 euros - just 0.26 per cent of its portfolio. Other banks, including Belfius, KBC and Degroof Petercam, hold bonds or shares in companies such as Teva Pharmaceuticals, CyberArk, Check Point Software, JFrog and Monday.com.
While none of these firms is directly linked to Israel’s military operations, one Degroof Petercam fund includes 13 Israeli companies, among them four banks named in a UN database for activities in West Bank settlements.
Belgian asset managers say they do not automatically exclude Israeli firms. KBC and Belfius confirmed that investments are screened but not ruled out.
Degroof Petercam stressed the difference between Israeli companies and those operating in occupied territories, arguing that engagement as a shareholder can sometimes exert more influence than divestment. BNP Paribas referred to its internal policies on human rights, the environment and anti-corruption.
VDK Bank, which markets funds under the Towards Sustainability label, defended investments in Israeli cybersecurity firms, saying they meet UN business and human rights guidelines.
“The fund manager has assessed that these companies respect the criteria and are not complicit in the regime’s crimes,” said Wouter Van Besien, coordinator for sustainable and ethical banking at VDK.
© BELGA PHOTO HATIM KAGHAT
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