[The organization leading the campaign for withdrawal of funds from banks making loans to South Africa today issues a response to recent announcements by seven major banks …]

Statement of the Committee to Oppose Bank Loans to South Africa in Response to Recent Statements by Citibank, Chemical Bank, Continental Illinois Bank, First National Bank of Chicago and Northwestern National Bank of Minneapolis Concerning Loans to South Africa
by Committee to Oppose Bank Loans to South Africa
with Prexy Nesbitt
New York, New York, United States
March 28, 1978
4 pages
Seven major banks - Citibank, Chemical Bank, Continental Illinois Bank, First National Bank of Chicago, Northwestern National Bank of Minneapolis, and First Wisconsin Bank - issued similar statements not to lend to the South African government. The Committee to Oppose Bank Loans to South Africa (COBLSA), with affiliates in 9 cities and 55 participating national and local organizations, termed the banks' announcements "a significant concession," but said that the statements "fall far short of the objective of the campaign to seeks to end all loans to South Africa." The statement says the banks have no intention of discontinuing lending to U.S., European, or South African corporations which are the backbone of apartheid exploitation; none of the banks have ruled out financing trade between the U.S. and South Africa; and banks which have South African subsidiaries, such as Citibank, are required by South African law to place a portion of their assets in "proscribed investment."
Used by permission of former staff and members of Campaign to Oppose Bank Loans to South Africa.
Collection: Alan Zaslavsky Africa Collection, Michigan State University Libraries Special Collections