Preliminary Fact Sheet on BankAmerican Corporation

by Bay Area Namibia Action Group
San Francisco, California, United States
August 23, 1977
2 pages
Type: Report
Coverage in Africa: South Africa
Coverage outside Africa: United States
Language: English
The report says BankAmerica Corporation is a diversified holding company with more than a dozen bank-related enterprises; this global organization provides corporate, government, and individual customers with a broad range of financial services: consumer and commercial financing , data processing, leasing, mortgage banking, credit-related insurance, real estate advisory services, venture capital, travelers cheques, and investment management. The report says the Bank of America's World Banking Division provides financial services-primarily wholesale lending and associated activities--to corporations, other banks, and. Foreign governments and agencies worldwide. The report says outside the U. S., clients are served through a network of branches, representative offices, subsidiaries and affiliates, which give the Bank a presence in more than a 100 countries. The report says about a third of its loans made to African interests are to South Africa (loans outside north Africa). The report says South Africa has been borrowing heavily to finance massive development projects and large increases in defense spending; U.S. banks are heavily involved in financing such loans--over $2 billion at this point in time. The report says the Bank has admitted to having $188 million in outstanding loans to South African interests in April 1977; this represents approximately 10% of the amount South Africa has raised in the U.S. and does not include the Bank's participation in other consortia. The report discusses Barclays Bank International Limited, A. W. Clausen, red-lining, Citicorp, Dow Chemical, Caterpillar Tractor Co., Eastman Kodak, Exxon, General Electric, General Motors, Ingersoll-Rand, IBM, 3, PepsiCo, Standard Oil of California, correspondent banking, Edge Act Corporations, European Brazilian Bank Limited, International Mexican Bank Limited, Iran Overseas Investment Bank Limited, Société Financière Européene, BA-NAG, and $top B of A Banking on Apartheid. • General Data • World Operations • South Africa • California Operations • BankAmerica Corporation Major Operating Subsidiaries
Collection: Carol B. Thompson and Bud Day Papers on Southern Africa, Michigan State University Libraries Special Collections