Victory for pro-Palestinian activists, setback for Israel: HSBC disinvests from Israeli arms firm

Victory for pro-Palestinian activists, setback for Israel: HSBC disinvests from Israeli arms firm

Israel: Hongkong and Shanghai Banking Corporation (HSBC) disinvested from an Israeli arms firm, Elbit Systems. This decision was taken after the campaign by pro-Palestinian activists.

According to the report published in Al Jazeera, bank is yet to confirm the move as no official statement released so far. However, the decision was disclosed to Al Jazeera by a source within HSBC.

This decision is taken as company observes International Human Rights Principles.

It may be mentioned that as per the report by the activist group, HSBC had invested 3.1 million British Pounds in Elbit Systems.

As per activists group, HSBC has invested in companies that provide ammunition to Israeli Armed Forces. Total investment of HSBC in these companies is 831.5 million British Pounds. These companies provide equipment to not only the Israeli army but also to US Air Force and British Royal Air Force.

War on Want, the activist group said that more than 24 thousand people had expressed their concern over HSBC’s investment in Elbit. They have also emailed the bank which led to this positive result.

However, Ryvka Barnard who is a senior campaigner, War on Want wants HSBC to take more steps.

It may be noted that BDS (Boycott, Disinvestment, Sanctions) movement was started in 2005.

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