ASN, which has a strong ethical investment ethos, is understood to be considering appeals by human rights groups to sell its CRH holding after the bank bowed to pressure to shed its stake in French company Veolia, which owns Connex and which operates Dublin's Luas transport system. Connex Israel is part of a consortium that won a tender to construct a light rail system in Jerusalem that will run across parts of the city annexed by Israel in 1967.

ASN said that the project is "not in line with the United Nation's demand to stop all support for Israel's settlement activities".

ASN, a small bank with holdings of over 3bn and 250,000 customers, is understood to be reviewing its CRH holding as Mashav is involved in the construction of a wall that will encircle Palestinian towns and villages and is intended to be a defensive measure by the Israeli government to reduce attacks.

Mashav owns Nesher Cement, which supplies building material for the wall.

It is the only cement producer in Israel. The EU has objected to the wall's construction while the International Court of Justice has deemed it illegal.

ASN said that it is now reexamining all its investments in Israel.