FACT SHEET - BANK OF AMERICA

by Stop Banking on Apartheid
San Francisco, California, United States
February 1978
2 pages
Type: Report
Coverage in Africa: South Africa
Coverage outside Africa: United States
Language: English

This fact sheet about BankAmerica Corporation (containing mostly information from the 1977 Annual Report) describes a diversified holding company with more than a dozen bank-related enterprises. Bank of America National Trust & Savings Association is the largest subsidiary in terms of markets served, assets and profits. This is the largest private bank in the world; Bank of America's World Banking Division provides wholesale lending and associated services to corporations, other banks and foreign governments and agencies worldwide. A network of branches, representative offices, subsidiaries and affiliates are located in more than 100 countries; also, there are correspondent banking relationships with 1,800 banks in 135 countries. South Africa has been borrowing heavily to finance massive development projects and large increases in defense spending. U.S. banks are involved in approximately $3 billion in loans. As of April 1977, the Bank stated that it had $188 million in outstanding loans to South African interests. Many corporations for which it manages stocks operate in South Africa: Citicorp, Dow Chemical, Caterpillar Tractor Co., Eastman Kodak, Exxon, General Electric (GE), General Motors (GM), Ingersoll-Rand, 3 M, Pepsico, and Standard Oil of California; The document mentions international consortia, Societe Financiere Europeenne, A.W. Clausen, union organizing, affirmative action, community organizations, the NAACP, the 1977 Annual Shareholders' Meeting, Edge Act Corporations, and non-bank subsidiaries. • INTERNATIONAL • SOUTH AFRICA • CALIFORNIA OPERATIONS • BANK AMERICA CORPORATION MAJOR OPERATING SUBSIDIARIES [Note: It is not certain this leaflet was produced by Stop Banking on Apartheid but most likely it was.]

Used by permission of former members of Stop Banking on Apartheid.
Collection: Miloanne Hecathorn papers