by Stop Banking on Apartheid
San Francisco, California, United States
August 23, 1977
2 pages
Type: Report
Coverage in Africa: South Africa
Coverage outside Africa: United States
Language: English
Contents: General Data • World Operations • South Africa • California Operations • BankAmerica Corporation Major Operating Subsidiaries • 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. Its World Banking Division provides financial services--primarily wholesale lending and associated activities--to corporations, other banks, and foreign governments and agencies. Outside the U.S., clients are served through a network of branches, representative offices, subsidiaries and affiliates, located in more than 100 countries. South Africa has been borrowing heavily to finance massive development projects and increases in defense spending, and U.S. banks are heavily involved in financing such loans--over $2 billion at this point in time. The Bank has admitted to having $188 million in outstanding loans to South African interests in April 1977, which is about 10% of what South Africa has raised in the U.S. (excluding the Bank's participation in other consortia). The report mentions Bank of America N.T. & S.A., Citicorp, trade-related lending, Barclays Bank International Limited, A.W. Clausen, red-lining, Dow Chemical, Caterpillar Tractor Co., Eastman Kodak, Exxon, General Electric (GE), General Motors (GM), Ingersoll-Rand, IBM, 3 M, Pepsico, Standard Oil of California, and Edge Act Corporations.
Used by permission of former members of Stop Banking on Apartheid.
Collection: Miloanne Hecathorn papers