OSLO: Norway’s $2 trillion wealth fund, the world’s largest, said on Monday it has divested from US construction equipment group Caterpillar and from five Israeli banking groups on ethics grounds.
The five banks are Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel and FIBI Holdings, the fund said in a statement.
The six groups were excluded “due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict,” said the fund, which is operated by Norway’s central bank.
The companies did not immediately reply to requests for comment. The Israeli embassy in Oslo declined to comment.
Prior to its divestment, the fund held a 1.17 percent stake in Caterpillar valued at $2.1 billion as of June 30, its records showed.
