A new report launched today by the Don’t Buy Into Occupation Coalition (DBIO) has identified financial relationships between top European financial institutions and 104 companies complicit in Israel’s apartheid and genocide against Palestinians.
Among these 104 companies are numerous BDS campaign targets, including but not limited to: Airbnb, Amazon, AXA, Booking.com, CAF, Carrefour, Chevron, CISCO, Coca-Cola, DELL, Expedia, Google, HPE, Intel, Microsoft, and RE/MAX.
The report, Don’t Buy Into Occupation V; The Private Actors behind the Economy of Occupation and Genocide, lists 104 global companies that are active in one or more of the identified complicity categories. The list includes companies involved in the military-security sector, technology, resource extraction, construction and demolition, financial services, and other enterprises that sustain Israel’s unlawful presence in the occupied Palestinian territory, including East Jerusalem.
Among them, the report includes priority BDS divestment targets such as major weapons manufacturers and tech companies that played a crucial role in providing Israel with key military components and technology to carry out its ongoing genocide against Palestinians in Gaza. These include Lockheed Martin, BAE Systems, Caterpillar, Microsoft and Amazon.
This financial research shows that 1,115 European financial institutions (including banks, asset managers, insurance companies, pension funds, and the European Investment Bank) have massive financial relationships with these complicit businesses. Among the top creditor banks financing these complicit companies are BNP Paribas, Deutsche Bank and Barclays.
Between January 2023 and August 2025, European financial institutions provided over $310 billion in the form of loans and underwritings to these companies. As of 31 August 2025, European investors also held over $1.5 trillion in shares and bonds in these businesses.
This report leaves no doubt, European financial institutions and investors have been funding dozens of corporations that are directly enabling Israel’s illegal occupation, apartheid and genocide against Indigenous Palestinians. Without this, Israel wouldn’t be able to sustain its regime of oppression. These European institutions are in breach of both their international human rights responsibilities and their legal obligation to respect international law.
This report is an extremely useful tool to escalate collective divestment and pressure campaigns against financial institutions, including pension funds and authorities, all over Europe. Companies and their decision makers also risk legal liability for the involvement in Israel’s atrocity crimes.
The BDS movement calls on supporters to intensify BDS campaigns and peaceful disruption against complicit states, institutions and corporations now.
The DBIO Coalition comprises 25 Palestinian, regional and European organisations based in Belgium, France, Ireland, the Netherlands, Norway, Spain and the United Kingdom.
The DBIO coalition commissioned the independent Dutch research organization Profundo to identify financial relationships between European financial institutions (in all 27 EU member states, Norway and the UK) and these 104 businesses.
Major legal determinations have been issued by international institutions, including the International Court of Justice (ICJ), please find a legal briefing here.