French financial institutions financing companies profiting from the Israeli occupation of Palestinian territories A research paper prepared for Fair Finance France French and UK financial institutions financing companies profiting from the Israeli occupation of Palestinian territories A research paper prepared for Fair Finance France Barbara Kuepper Hassel Kroes 17 March 2017 Naritaweg 10 1043 BX Amsterdam The Netherlands Tel: +31-20-8208320 E-mail: [email protected] Website: www.profundo.nl Contents Introduction ................................................................................................................ 1 Chapter 1 Methodology ..................................................................................... 2 1.1 Objective .................................................................................................... 2 1.2 Identification of companies profiting from the occupation .................... 2 1.3 Links to financial institutions ................................................................... 5 1.3.1 Selection of financial institutions .................................................................. 5 1.3.2 Definition of financing activities ................................................................... 6 1.3.3 Identification and quantification of financial flows ........................................ 8 1.3.4 Estimates .................................................................................................... 8 1.3.5 Presentation of the data .............................................................................. 9 1.3.6 Data limitations ........................................................................................... 9 Chapter 2 Company profiles ........................................................................... 10 2.1 Israeli banks ............................................................................................ 10 2.1.1 Bank Hapoalim .......................................................................................... 10 2.1.2 Bank Leumi ............................................................................................... 11 2.1.3 Dexia Group .............................................................................................. 12 2.1.4 First International Bank of Israel ................................................................ 13 2.1.5 Israeli Discount Bank ................................................................................ 13 2.1.6 Mizrahi Tefahot Bank ................................................................................ 14 2.2 Heavy machinery..................................................................................... 15 2.2.1 Caterpillar (United States) ......................................................................... 15 2.2.2 Doosan Infracore (South Korea)................................................................ 15 2.2.3 Hyundai Heavy Industries (South Korea) .................................................. 16 2.2.4 Manitou (France) ....................................................................................... 16 2.3 Mining, construction and energy ........................................................... 16 2.3.1 Cemex (Mexico) ........................................................................................ 16 2.3.2 Genie Energy (United States) ................................................................... 17 2.3.3 HeidelbergCement (Germany) .................................................................. 17 2.3.4 Israel Electric Corporation (Israel) ............................................................. 17 2.3.5 Shikun & Binui (Israel) ............................................................................... 18 2.4 Telecommunication ................................................................................ 19 2.4.1 Altice (Luxembourg) .................................................................................. 19 2.4.2 Bezeq – The Israeli Telecommunication Corporation (Israel) .................... 19 2.4.3 Cellcom (Israel) ......................................................................................... 20 2.4.4 Partner Communications (Israel) ............................................................... 21 2.5 Security & IT services ............................................................................. 23 2.5.1 Elbit Systems (Israel) ................................................................................ 23 2.5.2 G4S (United Kingdom) .............................................................................. 23 2.5.3 Hewlett Packard (United States) ............................................................... 24 2.5.4 L-3 Communications (United States) ......................................................... 25 2.5.5 Motorola Solutions (United States) ............................................................ 25 2.6 Public transport ...................................................................................... 26 2.6.1 Alstom (France) ........................................................................................ 26 2.7 Consumer products ................................................................................ 27 2.7.1 Achva-Achdut (Israel) ................................................................................ 27 2.7.2 Ahava (Israel) ............................................................................................ 27 2.7.3 Golan Heights Winery (Israel) ................................................................... 27 2.7.4 Hadiklaim – Israel Date Growers’ Cooperative (Israel) .............................. 28 2.7.5 Mehadrin (Israel) ....................................................................................... 28 2.7.6 Victory Supermarket Chain (Israel) ........................................................... 29 2.8 French retailers ....................................................................................... 30 2.8.1 Auchan (France) ....................................................................................... 30 2.8.2 Carrefour (France) .................................................................................... 30 2.8.3 ITM Entreprises (France) .......................................................................... 30 2.8.4 Groupe Casino (France)............................................................................ 30 Chapter 3 Links with French financial institutions ....................................... 31 3.1 Banque Public d’Investissement (Bpifrance) ........................................ 31 3.2 BNP Paribas ............................................................................................ 31 3.2.1 Shareholdings ........................................................................................... 31 3.2.2 Bondholdings ............................................................................................ 34 3.2.3 Loans and credits ...................................................................................... 35 3.2.4 Share issuances ....................................................................................... 39 3.2.5 Bond issuances ......................................................................................... 39 3.3 Banques Populaires – Caisse d’Epargne (BPCE) ................................. 44 3.3.1 Shareholdings ........................................................................................... 44 3.3.2 Bondholdings ............................................................................................ 46 3.3.3 Loans and credits ...................................................................................... 47 3.3.4 Bond issuances ......................................................................................... 49 3.4 Caisse des Dépôts et Consignations (CDC) .......................................... 51 3.4.1 Shareholdings ........................................................................................... 51 3.5 Compagnie Française d'Assurance pour le Commerce Extérieur (Coface) ................................................................................................... 52 3.6 Crédit Agricole ........................................................................................ 53 3.6.1 Shareholdings ........................................................................................... 53 3.6.2 Bondholdings ............................................................................................ 55 3.6.3 Loans and credits ...................................................................................... 56 3.6.4 Share issuances ....................................................................................... 58 3.6.5 Bond issuances ......................................................................................... 59 3.7 Crédit Coopératif ..................................................................................... 65 3.8 Crédit Mutuel CIC Group ........................................................................ 66 3.8.1 Shareholdings ........................................................................................... 66 3.8.2 Bondholdings ............................................................................................ 66 3.8.3 Loans and credits ...................................................................................... 67 3.8.4 Bond issuances ........................................................................................