The Palestine Solidarity Campaign is calling for a boycott of HSBC over its funding of weapons and technology companies selling to the Israeli state. In July 2017, War on Want released a report which found that HSBC had provided £19.3 billion in loans to and held £832 million in shares for companies supplying Israel with arms.
In 2018, HSBC divested from Elbit Systems, Israel’s largest military company and supplier of drones to the Israeli state. However, as of 2020, the company continued to hold shares in Caterpillar, Boeing, Lockheed Martin and Raytheon – all of which were linked by War on Want to the oppression of Palestine.
The companies supply everything from bulldozers used in the demolition of Palestinian homes (Caterpillar) to fighter jets and missiles previously used against civilians (Lockheed Martin). The campaign says:
HSBC must end its complicity in Israel’s gross violations of international law and Palestinian human rights by severing its relationship with companies that supply Israel with weapons and technology, like Caterpillar.