French insurance giant AXA reportedly divested USD 20 million from three “Israeli” banks accused by the UN of supporting illegal “Israeli” settlements in the occupied West Bank, Middle East Eye (MEE) reported.

Campaign group Eko revealed in a report published Wednesday that AXA executed a "clear, fast, and intentional divestment" from Bank Hapoalim, Bank Leumi, and Israel Discount Bank.

Between Sept. 30, 2023, and June 24, 2024, AXA sold off 2.5 million shares valued at approximately USD 20.4 million, following a sustained campaign by pro-Palestine activists.

Eko's report also notes that AXA has not reinvested in the First International Bank of Israel or Mizrahi-Tefahot Bank since Dec. 31, 2022.

These two banks were previously highlighted in a 2019 Eko report regarding AXA's alleged financial ties to “Israeli” war crimes.

While Eko acknowledged that AXA still holds "trace amounts" of investments in Bank Leumi, it attributed this residual investment to pending reporting and accounting, considering the divestment complete.

The UN established a database in 2016 listing companies that support illegal “Israeli” settlements, including all five banks mentioned.

Eko's report also claims that AXA fully divested from the “Israeli” arms manufacturer Elbit Systems in 2019.

Elbit, listed on both the “Israeli” stock exchange and the US Nasdaq, faced criticism for its drones being used in military operations in the occupied territories.

Earlier this year, Japanese trading giant Itochu severed ties with Elbit following an International Court of Justice (ICJ) ruling suggesting that “Israeli” might be committing genocide in Gaza.

Daphne Cronin, a senior campaigner at Eko, praised AXA's divestments but noted that the company is "still not off the hook."

Cronin, who led Eko's campaign against AXA, emphasized the importance of public pressure in achieving these results.

"We hope this sends a signal to other financial actors that funding Israeli apartheid and war crimes is not a good investment. AXA still has investments in arms companies, and we will continue to investigate them," Cronin told MEE.

Elbit Systems, based in Haifa, produces a significant portion of the drones and land-based equipment used by the Israeli Occupation Forces (IOF).

Reports indicate that Elbit’s weapons have been deployed in Gaza since October 7 and also in the West Bank and southern Lebanon.

Fiona Ben Chekroun, Europe Coordinator for the Palestinian-led BDS movement, hailed AXA’s divestment as a significant victory.

She stated that it marks a major milestone for the BDS movement and reflects years of strategic campaigning for Palestinian human rights.

"Corporations try to make us believe that it is impossible to prevail over them, but BDS pressure works. We will build on this success to continue our pursuit of freedom, justice, and equality," Ben Chekroun said.

During an April 2024 AGM, AXA CEO Thomas Buberl told an Eko activist that AXA "does not have any investments in Israeli banks" that are currently facing boycott calls.

He also condemned physical attacks on AXA agents and employees by groups supporting the boycott of “Israel”, emphasizing that AXA does not take a position on the geopolitical crisis and extending thoughts to the civilian victims.