NCNB Corporation and South Africa
by John Hopkins University Coalition for a Free South Africa
Baltimore, Maryland, United States
Undated, 1988 or 1989
The leaflet says NCNB Corporation has had an important relationship to apartheid in South Africa. No matter how profitable NCNB's South Africa connections may have appeared at one time, especially before 1984, it will regret its continuing decision to fund South African governmental agencies, such as ISCOR, a parastatal organization responsible for iron and steel production, and major private-sector borrowers. NCNB has claimed that its ties to South Africa were mainly to finance trade but, according to the United Nations Centre Against Apartheid, NCNB was the managing partner in a $100 million loan syndication to South African Breweries that runs from 1982 to 1989. As recently as 1984, NCNB's net medium and long-term lending to South Africa was $217 million, or 1.7% of assets, according to the Federal Reserve Board's Foreign Country Exposure Reports. The leaflet says NCNB has had its own office in South Africa, and it still has loans outstanding to South Africa. The leaflet discusses the American Baptist Churches, Rev. Jesse Jackson, Hugh McColl, Shell Oil, First Republic Bank of Texas, correspondent banking, F.W. Vandiver, Jr., Maryland National Bank, and Black & Decker Corporation.
Collection: Private collection of Lyndall Hare