Deutsche Bank, Germany’s largest bank, has flatly denied reports that it offered investors a portfolio that excluded Israel’s Bank Hapoalim.

In fact, a spokesperson for the bank told Arutz Sheva that far from boycotting the Israeli bank, Deutsche Bank has a number of actively managed funds which invest in Bank Hapoalim.

Earlier Tuesday it was reported that the bank offered an Exchange Traded Note (ETN) following an index of “moral” stocks which left out the Israeli bank.

However, Deutsche Bank has now clarified that not only was the list of stocks not assembled by the bank itself, but the portfolio in question was created for a single client.

“With regards to the fund with the name the ‘Ethical MSCI World Index UCITS ETF’, this is a fund that was launched in November for the explicit use of a single client, a research foundation, which required a customised exposure consisting of the MSCI World Index excluding certain securities named by the research foundation,” the bank’s spokespeople told Haaretz.

“The fund has not been sold to any other clients and has not been listed on any stock exchange,” they added.

Earlier in the day the bank said in an official statement that its exchange-traded funds “passively track the performance of indices which are formulated by third parties,” and are not created by the bank itself.

“Any and all criteria for including or excluding particular companies are therefore also independent of DeAWM,” bank spokespeople said, adding, “DeAWM has a number of actively managed funds which invest in Bank Hapoalim.”

The report involving Deutsch Bank came in the wake of new European Union guidelines which boycott Israeli entities east of the 1949 armistice line.