UPDATE ON U.S. BANK LENDING TO SOUTH AFRICA
by Campaign to Oppose Bank Loans to South Africa
Washington, DC, United States
List of U.S. bank loans to South Africa with date of loan, South African borrower, amount, type of loan, and when due. South African borrowers listed include the South African Government, Standard Bank, and ESCOM, and types of loan includes Eurobond and Euromarket credit. U.S. banks involved include Dean Witter Dillon Read, Merrill Lynch, Bache Halsey, Salomon Brothers, Morgan Stanly, Citicorp, International Commercial Bank, Orion Bank, Credit Swiss First Boston, Central Merchant Bank, Kidder Peabody, and Lazard Brothers. The leaflet says BankAmerica officials told IRRC that the bank made an undisclosed number of loans to South African public corporations in 1980. The leaflet says North Carolina National Bank was reported to have made a $90 million loan to South Africa's national airline. The leaflet mentions “Bricks in the Wall: An Update on Foreign Bank Involvement in South Africa” by Beate Klein, published by the World Council of Churches/Program to Combat Racism. The leaflet says Harvard University sold nearly $51 million of Citicorp debt instruments in accordance with the university's investment guideline prohibiting holdings in banks that lend to South Africa. The National Council of Churches, United Methodist Board of Global Ministries, Union Theological Seminary, and the U.S. offices of the W.C.C. withdrew $65 million in accounts from Citibank in March 1980. State legislation has been passed in Michigan and Nebraska to remove public funds from banks lending to South Africa. • Other loans by U.S. Banks • Recent pressure to end Bank Loans to South Africa
Used by permission of former staff and members of Campaign to Oppose Bank Loans to South Africa.
Collection: Carol B. Thompson and Bud Day Papers on Southern Africa, Michigan State University Libraries Special Collections