NBIM’s Israel Exclusions: Governance vs. Geopolitics - and the Portfolio Implications

29th August, 2025
Norway’s NOK20.2 trillion (US$2 trillion) Government Pension Fund Global (GPFG) has shed stakes in 23 Israeli companies since the end of June after an accelerated ethics review by its manager, Norges Bank (NBIM).On 25 August it went further: five Israeli banks - Bank Hapoalim, Bank Leumi, Mizrahi-Tefahot, First International Bank...
Norway’s NOK20.2 trillion (US$2 trillion) Government Pension Fund Global (GPFG) has shed stakes in 23 Israeli companies since the end of June after an accelerated ethics review by its manager, Norges Bank (NBIM).On 25 August it went further: five Israeli banks - Bank Hapoalim, Bank Leumi, Mizrahi-Tefahot, First International Bank...

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