Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has finalized its divestment of $661 million from five major Israeli banks.

The decision follows an extensive ethical review that focused on the banks’ involvement in financing Israeli settlements in the occupied West Bank and their role in enabling the ongoing genocide in Gaza.

The divestment targets Bank Leumi, Bank Hapoalim, Mizrahi Tefahot Bank, FIBI Holdings, and First International Bank of Israel, marking a significant intensification of Norway’s financial disengagement from institutions linked to Israel’s military apparatus.