HSBC Holdings and Standard Chartered will no longer provide Chinese telecom equipment-maker Huawei with funding or services, the Wall Street Journal reported Thursday, citing people with knowledge of the matter.

The banks reached the decision “after deciding that Huawei is too high risk," the Journal reported.

Both banks had long relationships with Huawei that allowed it access to banking services outside of China as it pushed into international markets. Huawei CFO Meng Wanzhou was arrested in Canada recently for alleged sanctions violations and fraud affecting banks including HSBC.

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