Barclays Bank plans to cease participating in Israeli government bond auctions
Date
8/15/2024 2:59:45 AM
(MENAFN) A UK newspaper reported on Wednesday that Barclays bank plans to cease participating in Israeli government bond auctions in the future. This decision comes as the bank reassesses its involvement with Israel amid pressure from pro-Palestinian activists, according to Reuters.
Despite this, the newspaper noted that Barclays has informed Israeli officials of its intention to continue serving as a primary dealer for government securities, collaborating with other global financial institutions such as Goldman Sachs, JPMorgan Chase, and Deutsche Bank.
The report also cited Yali Rotenberg, the Israeli Finance Ministry's accountant general, who expressed appreciation for Barclays' statement reaffirming its ongoing commitment to the State of Israel.
Barclays stated it is "preparing a response" to Israel's latest bond auction request, with the response expected next week. In May, the British bank clarified that it does not invest its own funds in companies supplying weapons to Israel for use in Gaza, as it acts as a broker for listed companies on behalf of clients rather than as an investor. This clarification followed protests by pro-Palestinian activists targeting one of its branches in London.
Additionally, Barclays has faced criticism for providing financial services to defense companies that manufacture equipment used by Israeli forces. In a related event, activists disrupted Lloyds Banking Group's annual shareholders' meeting in May, protesting the financial services they claim Lloyds provides to defense companies involved in Middle East violence.
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