Decisions on exclusion

The Norges Bank Executive Board has decided to exclude the companies First International Bank of Israel Ltd and the holding company FIBI Holdings Ltd, Bank Leumi Le-Israel BM, Mizrahi Tefahot Bank Ltd, Bank Hapoalim BM and Caterpillar Inc. due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict, ref. the conduct-based criterion § 4 b in the Guidelines for Observation and Exclusion from the Government Pension Fund Global. 

The decision is based on recommendations from the Council on Ethics of 25 June and 2 July 2025.

The Board has not independently assessed all aspects of the recommendations but finds it sufficiently substantiated that the exclusion and observation criteria have been fulfilled. Before deciding to exclude a company, Norges Bank shall consider whether other measures, including active ownership, may be better suited. The Board’s assessment is that it is not appropriate to use other measures in these cases.  

The Council on Ethics’ recommendations:
First International Bank of Israel Ltd
FIBI Holdings Ltd
Bank Leumi Le-Israel BM
Mizrahi Tefahot Bank Ltd
Bank Hapoalim BM
Caterpillar Inc.

Press contacts:
Line Aaltvedt
Head of Communications
Tel: +47 948 54 656

Une Solheim
Communications Advisor
Tel: +47 918 58 627

Email: press@nbim.no