The Bank for Social Economy holds numerous accounts that wage boycott, divestment, sanctions (BDS) activity against Israel.

The Magnus Hirschfeld Foundation – named after a gay German-Jewish scientist who was persecuted by the Nazis – has terminated its account with the Bank for Social Economy over the financial institution’s enabling of organizations that advocate a boycott of Israel.

The closure of the account, which foundation sources informed The Jerusalem Post about on Friday, was immediately praised by leading Jewish human rights organizations.

Dr. Efraim Zuroff, the head of the Jerusalem office of the Simon Wiesenthal Center, told the Post, “I am happy that the organization [the Magnus Hirschfeld Foundation] did the right thing from a Jewish perspective.”

Zuroff, the Wiesenthal Center’s chief Nazi-hunter, said the foundation is “showing Jewish solidarity and took the right steps to close the account, and we hope other Jewish organizations that have accounts with the Bank for Social Economy will follow suit.”

The Bank for Social Economy (Bank für Sozialwirtschaft) maintains numerous accounts for organizations that engage in boycott, divestment, sanctions activity against Israel. In February, Public Security Minister Gilad Erdan urged the bank to shut down an account for the BDS group Jewish Voice for a Just Peace in the Middle East.

In an email to the Post last week, the executive board of the Magnus Hirschfeld Foundation wrote, “We are examining at this time whether we will end our bank relationship with the Bank for Social Economy… It would be intolerable if organizations and persons, who place Israel’s right to exist in question, can continue to maintain accounts with the Bank for Social Economy.”

Fabian Weissbarth, spokesman for the Berlin office of the American Jewish Committee, told the Post on Friday: “We welcome the decision of the Magnus Hirschfeld Foundation. The BDS campaign is not only a danger to Jewish life [in German], [but] for democracy as a whole. Therefore a zero tolerance position [against BDS] from politicians and society is necessary. The closure of bank accounts is part of the zero tolerance position, as is ceasing the provision of public rooms [for holding BDS events].”

Read More: Jerusalem Post