update deskBoycott, Divestment & Sanctions (BDS)

HSBC bank to divest from Israel’s Elbit Systems

In a move cheered by BDS supporters, the London-based international financial giant HSBC bank has said it will divest from Israeli defense contractor Elbit.

The HSBC headquarters in Tel Aviv. Source: Wikipedia.
The HSBC headquarters in Tel Aviv. Source: Wikipedia.

In a move cheered by Boycott, Divestment and Sanction (BDS) supporters, the London-based international financial giant HSBC bank reportedly will divest from Israeli defense contractor Elbit.

According to a report by The Jerusalem Post, the world’s seventh-largest financial institution will divest from one of Israel’s largest defense companies, saying it “strongly supports observance of international human-rights principles,” but said it does “not take positions on political issues.”

While some analysts say HSBC’s qualification is proof that the banking institution is not withdrawing its investment due to BDS pressure, the pro-BDS, British-based Palestine Solidarity Campaign said HSBC “divests from Israeli arms manufacturer following pressure from human-rights campaigners,” and claimed “HSBC confirmed to campaigners that it has fully divested from Israeli drone manufacturer Elbit Systems, which sells weapons to the Israeli military used in attacks on Palestinians.”

According to the anti-Israel group, more than 24,000 petitioners emailed HSBC to urge the company to divest from Elbit Systems.

The organization said it would continue to pressure HSBC to divest from all Israeli defense-related companies.

Elbit Vice President David Vaaknin told The Jerusalem Post that his company had received no official confirmation from HSBC regarding the divestment, and the decision had not been posted to the HSBC website.

On Dec. 27, the anti-Israel group Jewish Voice for Peace expressed its happiness over the decision. “Huge congrats to our friends @WarOnWant and @PSCupdates who have succeeded in their campaign to get HSBC bank to divest from war profiteer @ElbitSystemsLtd #BDS

You have read 3 articles this month.
Register to receive full access to JNS.

Just before you scroll on...

Israel is at war. JNS is combating the stream of misinformation on Israel with real, honest and factual reporting. In order to deliver this in-depth, unbiased coverage of Israel and the Jewish world, we rely on readers like you. The support you provide allows our journalists to deliver the truth, free from bias and hidden agendas. Can we count on your support? Every contribution, big or small, helps JNS.org remain a trusted source of news you can rely on.

Become a part of our mission by donating today
Topics
Comments
Thank you. You are a loyal JNS Reader.
You have read more than 10 articles this month.
Please register for full access to continue reading and post comments.
Never miss a thing
Get the best stories faster with JNS breaking news updates