Household HSBC Watch

The Sunday Times of London reported on December 13, 2004:
HSBC, one of Britain’s biggest banks, has been accused of channelling tens of millions of pounds to suicide bombers. The newspaper claims that a forthcoming court action will allege that an account at a subsidiary of the bank in Saudi Arabia was used to collect and pass funds to organizations which then used the money to help Palestinian suicide bombers and their families.

Household Watch wrote a related article which can be seen here. Among the groups that allegedly received the funds are Hamas, Palestinian Islamic Jihad and the al-Aqsa Martyrs Brigades. The allegations will be made in a legal action to be launched in the United States by British, American and Israeli lawyers representing 500 victims of suicide bombings. See the Household Watch article to learn how damages are tripled in these cases.

In the United States analysts estimate Jewish customers may leave the bank as a residual effect. HSBC has a large operation in New York State which could be effected by a pullout or boycott. Household Watch stated that HSBC is protective of the bank’s reputation and guards against negative publicity including accusations of predatory lending which refer to Household International, an HSBC wholly owned subsidiary.