HSBC pulls out investment from Israeli arms firm Elbit Systems

Reading Time: < 1 minute

HSBC has pulled out its investments in Israeli arms firm, Elbit Systems, after a campaign by pro-Palestinian activists.

Sources within HSBC confirmed the move to Al Jazeera on Thursday, but the bank has not issued an official statement on the decision.

The company says it does not take positions on political issues but “observes international human rights principles” that apply to businesses.

The group, which says it is committed to rooting out the causes of poverty and human rights abuse, said HSBC had a total of 831.5m pounds ($1.05bn) invested in companies that provided equipment to the Israeli military.

Several of the companies listed, such as Rolls Royce and BAE Systems, had a large civilian customer base too.

Based in the city of Haifa, Elbit produces military and civilian-use equipment, including drones, aircraft, weapon control systems, and artillery.

The company’s customers include the Israeli army, the US Air Force, and the British Royal Air Force.


Once you're here...

%d bloggers like this: