Following pressure from critics, Germany’s largest bank has divested from the Israeli firm that supplies technology for the West Bank security fence.
Deutsche Bank CEO Josef Ackermann announced at the May 27 shareholder meeting in Frankfurt that the firm now has no shares in Elbit Systems, a major Israeli defense company. As of March 31, the bank had more than 50,000 shares, making it one of the largest stockholders of Elbit.
The Deutsche Bank announcement followed pressure from International Physicians for the Prevention of Nuclear War and Pax Christi, a Catholic nongovernmental organization that describes itself as a human rights and peace movement.
Israeli security officials say the fence has significantly reduced the number of successful terror attacks since fence construction began in 2002. Palestinians say the fence constitutes a land grab by Israel in the West Bank. — jta