LONDON: According to two sources familiar with the matter, UBS turned down a proposal from the Gaza Humanitarian Foundation (GHF) to establish a bank account in Switzerland, and Goldman Sachs also refrained from setting up a Swiss account for GHF following preliminary discussions, as reported by Reuters.
GHF is an organization supported by both the U.S. and Israel that started providing humanitarian assistance directly to Palestinians in Gaza from May onward, avoiding conventional aid routes such as those managed by the United Nations.
GHF aimed to set up a bank account for a division located in Geneva to assist in handling contributions coming from beyond the United States, according to two individuals familiar with its strategies.
Last autumn, the foundation began discussions with legal advisors and financial institutions such as UBS and Goldman regarding the organizational setup of its Swiss branch, prior to making the decision to exit Switzerland in May, according to sources.
The pair refused to disclose which additional banks GHF had interacted with, and Reuters was unable to verify this information separately.
GHF failed to reply when asked if it had communicated with other financial institutions.
The foundation encountered obstacles in establishing a Geneva office, such as insufficient funding, departures of key individuals like GHF executive director Jake Wood, and challenges in setting up a bank account in Switzerland, according to two sources.
A representative of GHF informed Reuters via email that the choice to leave Switzerland wasn’t due to any challenges, stating further: "This was a planned move aimed at establishing ourselves in the United States."
A challenge during negotiations with banks stemmed from insufficient clarity regarding the source of funding for the foundation, according to someone familiar with the discussions who spoke to Reuters.
Prior to taking on new clients, financial institutions are required to carry out thorough checks to verify identity and ownership details, understand the type of business operations involved, and identify where their funds originate from.
GHF has yet to reveal specifics regarding its financial status.
A representative of GHF stated, "We have discussed preliminary financial support from European sources, however, we do not reveal donor identities out of respect for their confidentiality."
On June 24, Reuters reported that the U.S. government planned to provide $30 million — marking its initial confirmed financial support — to GHF, which is currently led by Johnnie Moore, a previous advisor to former U.S. President Donald Trump, following Wood’s departure in May.
In late 2024, UBS was contacted but decided against taking GHF on as a client following thorough checks into compliance, risk assessment, and reputation evaluation, according to someone familiar with the discussions.
UBS has stated through their spokesperson that they cannot provide comments regarding issues concerning current, past, or prospective clients.
GHF failed to reply to Reuters' inquiries regarding UBS.
Another individual familiar with the conversations mentioned that GHF also engaged in initial discussions with Goldman Sachs regarding the establishment of a Swiss bank account.
That individual mentioned briefly that Goldman had not opened an account and does not have any banking connection with GHF in the United States.
A GHF briefing paper without date or signature mentioned by Reuters on May 8 outlined that the foundation had received "an oral assurance from Goldman Sachs regarding the establishment of a banking account" for an affiliated entity based in Switzerland which it planned to create.
Reuters was unable to obtain specific information regarding Goldman's oral agreement or the reason behind Goldman not setting up an account for GHF.
A representative from Goldman Sachs refused to provide comments.
A representative of GHF stated that the document was outdated and mentioned that the organization chose not to proceed with launching services in Switzerland, thus "stepping back from conversations with financial institutions in that country."
"Our organization operates from the U.S. and collaborates with several well-established and respected banks," said the spokesperson to Reuters, though specific information was not disclosed.
Filings indicate that GHF was established in 2025 in Delaware and holds a U.S. bank account at JPMorgan, said another individual familiar with the matter.
A representative from JPMorgan refused to provide comments.
A briefing paper cited by Reuters in May indicated that it maintained "stable banking and financial connections" with both JPMorgan and Truist Bank, which operates from North Carolina.
A spokesperson for Truist Bank stated that the bank does not comment on or verify customer relationships.
Distribution
GHF relies on private U.S.-based security and logistics firms to transport aid into Gaza, an area where the organization has been active since May through a delivery system labeled "inherently unsafe" by the United Nations.
According to Reuters, its activities have faced ongoing challenges from violence and disorder, such as fatal incidents where numerous Palestinians were shot dead by Israeli troops stationed at food aid locations.
The United Nations and various humanitarian organizations have declined to collaborate with GHF, raising concerns about its impartiality and condemning the new aid delivery approach for promoting military involvement in relief efforts and pushing Palestinians out of their homes.
Wood stepped down prior to GHF's official launch on May 26, stating his unwillingness to compromise "the values of humanitarianism, neutrality, fairness, and autonomy."
GHF has consistently stated that it has delivered assistance from its locations without any issues and earlier informed Reuters that it "fully complies" with humanitarian standards.
"The residents of Gaza require urgent access to food supplies, and the Global Humanitarian Foundation remains the sole organization proven capable of providing such aid," stated a spokesperson.
Dissolution
As stated by Switzerland’s Federal Supervisory Authority for Foundations (ESA), a foundation is required to maintain its capital in a Swiss bank account, and at least one individual serving on its board must reside in Switzerland.
According to documents submitted in February and reviewed by Reuters, GHF stated that its Swiss subsidiary received an original endowment.
Nevertheless, the capital contribution was not actually provided, stated a spokesperson from GHF.
According to ESA, as reported by Reuters, GHF has not supplied details regarding a Swiss bank account or the mandatory starting capital for registration purposes.
According to a report by Reuters on July 2, ESA is moving forward with efforts to dissolve GHF's Swiss division.