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The fund cited the banks' unethical and illegal practices in the West Bank.
The fund had tried to convince them to reconsider their financial backing for Israel's West Bank settlements which "are considered illegal under international humanitarian law" - but to no avail.
PGGM said "given the day-to-day reality and domestic legal framework they operate in, the banks have limited to no possibilities to end their involvement in the financing of settlements in the occupied Palestinian territories."
This is a reference to 2011 Israeli legislation which outlawed any form of boycott, rendering it a legal tort - something punishable with potentially heavy fines.