AXA is a global insurance and asset-management corporation headquartered in France. For years, it held significant investments in Israeli banks—such as Bank Hapoalim, Bank Leumi, Israel Discount Bank, Mizrahi-Tefahot, and First International Bank of Israel—that are listed by the U.N. as complicit in financing illegal settlements in the occupied West Bank. AXA was also an investor in Elbit Systems, Israel’s largest arms manufacturer, which produces weaponry used in military operations in Gaza and the West Bank.
Under mounting pressure from BDS-aligned campaigners (notably the Stop AXA Assistance to Israeli Apartheid coalition), AXA completed full divestment from these banks and Elbit Systems by mid‑2024, selling over $20 million in shares across all three remaining complicit institutions.
AXA is rated High Impact because its financial investments directly supported the infrastructure of apartheid and occupation. The divestment victory is a major milestone, but the company remains complicit simply by having held those assets for so long, and through its long-term institutional relationship with Israeli banks underwriting settlement expansion and military systems.
While AXA has officially removed its holdings, the company’s history of investment, combined with its capacity as a leading global asset manager, means it helped bankroll land theft, unlawful settlement finance, and weapon production used against Palestinians. AXA’s financial role in occupation systems places it firmly in the High Impact category. It has been, and remains, a top-tier target in global boycott strategy.