UBS, Goldman Passed on Opening Bank Accounts for U.S.-Backed Gaza Aid Foundation, Sources Say

Reuters

11:24 JST, July 5, 2025

LONDON/GENEVA, July 4 (Reuters) – UBS UBSG.S declined a request by the Gaza Humanitarian Foundation (GHF) to open a bank account in Switzerland while Goldman Sachs GS.N did not set up a Swiss account for GHF after initial talks, two people with knowledge of the discussions told Reuters.

GHF is a U.S.- and Israeli-backed organization that began delivering humanitarian supplies to Palestinian civilians in Gaza in May, bypassing traditional aid channels including the United Nations.

GHF had sought to open a bank account for a unit based in Geneva to help facilitate donations from outside the United States, two other people with knowledge of its plans said.

The foundation started talks with lawyers and banks including UBS and Goldman last autumn about the Swiss entity’s structure, before deciding to withdraw from Switzerland in May, they said.

The two people declined to say which other banks GHF had engaged with and Reuters could not establish that information independently. GHF did not respond to questions about whether it had spoken to other banks.

According to two of the people, the foundation’s plans for a Geneva branch faced setbacks including a lack of donations and resignations of founding members, including GHF executive director Jake Wood, as well as difficulties opening a Swiss bank account.

A GHF spokesperson told Reuters by email that the decision to withdraw from Switzerland was not because of any setbacks, adding: “It was a strategic decision to be located in the U.S.”

One stumbling block in talks with banks was lack of transparency about where the foundation’s funds would come from, one of the people with knowledge of the discussions told Reuters. Before accepting clients, banks must conduct due diligence to establish their identities and ownership, the nature of their business activities and their sources of wealth.

GHF has not disclosed details of its finances. A GHF spokesperson said it has “spoken about initial funding from Europe, but we don’t disclose donors for their privacy.”

Reuters reported on June 24 that the U.S. government would give $30 million – its first known financial contribution – to GHF, now headed by Rev. Dr. Johnnie Moore, a former adviser to U.S. President Donald Trump, after Wood quit in May.

UBS was approached in late 2024 and did not accept GHF as a client after conducting compliance, risk and reputational due diligence, one of the people with knowledge of the talks said.

A representative for UBS said the bank could not comment on matters related to potential, existing or former clients. GHF did not respond to questions from Reuters about UBS.

The other person with knowledge of the discussions said GHF also held preliminary talks with Goldman Sachs about opening a bank account in Switzerland. Without giving details, that person said Goldman did not open an account and has no banking relationship with GHF in the United States either.

An undated and unsigned GHF briefing document that Reuters reported details of on May 8 said the foundation had “a verbal commitment from Goldman Sachs to establish a bank account” for a Swiss-based affiliate it was setting up.

Reuters could not establish any details about Goldman’s verbal commitment or why Goldman did not open an account for GHF. A spokesperson for Goldman Sachs declined to comment.

A GHF spokesperson said the document was old and that it had decided not to commence operations in Switzerland and so “walked away from discussions with banking entities there.”

“Our organization is U.S.-based and has multiple highly reputable banking partners,” the spokesperson told Reuters, without giving details.

GHF was incorporated in 2025 in Delaware, filings show, and has a U.S. bank account with JPMorgan, according to a separate person with knowledge of the situation. A JPMorgan spokesperson declined to comment.

Its briefing document reported by Reuters in May said it had “secure banking and financial relationships” with JPMorgan and North Carolina-based Truist Bank. A Truist Bank representative said it does not discuss or confirm client relationships.

DISTRIBUTION

GHF uses private U.S. security and logistics companies to get supplies into Gaza, where it has been operating since May under a distribution plan described by the United Nations as “inherently unsafe”.

Its operations have been beset by violence and chaos including deadly shootings of scores of Palestinians near its food distribution sites guarded by Israeli forces, Reuters has reported.

The UN and other humanitarian groups have refused to work with GHF, questioning its neutrality and criticizing the new distribution model as militarizing aid and forcing displacement of Palestinians. Wood resigned before GHF’s May 26 launch, saying he could not abandon “the principles of humanity, neutrality, impartiality and independence.”

GHF has repeatedly said it has distributed aid from its sites without incident and has previously told Reuters it “strictly adheres” to humanitarian principles.

“The Palestinian people of Gaza must be fed and GHF is the only organization that has demonstrated ability to deliver food assistance,” a spokesperson said.

DISSOLUTION

According to Switzerland’s Federal Supervisory Authority for Foundations (ESA), a foundation must hold capital in a Swiss bank account and at least one member of its board must be resident in Switzerland.

In filings dated February, seen by Reuters, GHF said its Swiss entity had an initial endowment. However, that capital contribution was never made, a spokesperson for GHF said.

ESA told Reuters GHF had never provided information about a bank account in Switzerland or statutory initial capital. ESA is taking steps to order the dissolution of GHF’s Swiss branch, Reuters reported on July 2.