AXA Divests from Israeli Banks and Elbit Systems
- French multinational insurance company AXA has decided to divest from major Israeli banks and the defense electronics company Elbit Systems.
- The decision comes as a victory for the BDS movement and Palestine activists who have been advocating for this divestment.
- This move may have significant implications for the financial and defense sectors involved.
In a significant development for the Boycott, Divestment and Sanctions (BDS) movement, French multinational insurance company AXA has divested from all major Israeli banks and the country’s largest weapons manufacturer, Elbit Systems. This decision, confirmed by a report from corporate accountability group Ekō, marks a major milestone for BDS advocates who have campaigned for nearly a decade for such actions. Fiona Ben Chekroun, BDS Movement Europe Coordinator, emphasized the effectiveness of BDS pressure, stating, “Corporate criminals try to sear into our consciousness the impossibility of prevailing over them, but BDS works.” The Ekō report revealed that AXA previously held over 2.5 million shares, valued at $20.4 million, in Bank Hapoalim, Bank Leumi, and Israel Discount Bank until September. This announcement follows recent news that Elbit Systems has effectively ceased operations in Cambridge, Massachusetts, where it faced ongoing protests. BDS Boston has vowed to continue its efforts until Elbit vacates its office, warning local real estate companies of the disruptive protests that accompany the company. Journalist Rafael Shimunov celebrated the dual victories in Massachusetts and Paris, highlighting the ongoing conflict in Gaza. The BDS coalition remains vigilant, pledging to monitor AXA’s investments to ensure it does not contribute to what they describe as genocide against Palestinians. The movement calls for intensified pressure on financial institutions profiting from oppression and injustice globally.