Triple ouch!
The powers that be are furious at BNP Paribas for shuttering its operations in Israel, and suspect it is acting due to Arab and anti-Israeli pressure in France, the bank’s home base.
Bank of Israel Governor Stanley Fischer, Finance Minister Yuval Steinitz, Banks Supervisor David Zaken and their top officials believe the bank’s board of directors caved to pressure groups, contrary to its claims.
This is the first case in years of a foreign bank leaving Israel. BNP Paribas has had operations in Israel since 2003. Most of its business here involved financing large projects that involve French companies.
(Hat tip Omar Barghouti)
“This is the first case in years of a foreign bank leaving Israel. BNP Paribas has had operations in Israel since 2003. ”
Well, it isn’t actually. This happened in spring 2011:
“Dexia is leaving Israel as part of its streamlining measures caused by the financial crisis and a refocus on its core countries, which do not include Israel. The French and Belgian governments nationalized Dexia in 2008 after it verged on bankruptcy. Another reason for the sale of Dexia Israel is lobbying in Belgium to divest from Israel by pro-Palestinian groups.”
Haaretz’s Motti Basok evidently doesn’t read Globes. http://www.globes.co.il/serveen/globes/docview.asp?did=1000637601&fid=1725
May there be many more departures from the rogue state.
This is huge. BNP Paribas? That’s like Chase or BofA leaving the US.
Someone needs to send Fischer, Steinitz, and Zaken a cube of Charmin toilet paper.
But but but… Israel invented the cherry tomato and the Intel processor! What about all that medical equipment that used to be made in the US and Europe but is made in Israel now! Are they going to boycott that?!
Yet they keep telling us that BDS is insignificant and doesn’t matter.