by American Committee on Africa
New York, New York, United States
March 27, 1978
Committee to Oppose Bank Loans to South Africa
The newsletter reports that Bank of America plans to continue to do business in South Africa. Citicorp, the holding company of Citibank (the largest U.S. lender to South Africa), rejected the shareholders' proposal requiring it to identify its loans to the South African government, government-owned corporations, and private corporations. Citibank participated in a $60 million loan to Phelps-Dodge Corporation, which, with Consolidated Goldfields, is starting a new mining operation in South Africa. First National Bank of Chicago said it would make no new loans to the government or government-controlled corporations of South Africa. On March 21, anniversary of the Sharpeville massacre, demonstrations opposing bank loans to South Africa took place in cities across the United States and Canada. In Minneapolis, a campaign was announced to withdraw accounts from Northwestern National Bank. The Winnie Mandela Coalition held a news conference in the lobby of the First National Bank of Boston. In Rochester, about 90 persons demonstrated at four New York banks lending to South Africa - Chase Manhattan, Citibank, Manufacturers Hanover, and Chemical Bank. Two demonstrations aimed at Chemical Bank took place in New York City. In Canada, demonstrations were held in Vancouver, Winnipeg, Edmonton, London, Hamilton, Ottawa, Kingston, Toronto, Kitchen-Waterloo, and Halifax. Also, 300 to 400 people demonstrated in London at the Standard Bank headquarters. Nigeria has reportedly ordered its government agencies to withdraw from Barclay's Bank of Nigeria Ltd. because of Barclay's involvement in South Africa.
This item was digitized for Aluka, which made it available to the African Activist Archive.
Used by permission of Africa Action (successor to the American Committee on Africa).
Collection: Africa Action Archive