Still Banking on Apartheid: U.S. Banks Cling to South Africa
(Vol. 19, No. 5)
by John Lind, Interfaith Center on Corporate Responsibility
with Keith Girvan
New York, New York, United States
Interfaith Center on Corporate Responsibility
Part I describes the current status of U.S. bank relations with South Africa, including the banks’ recent arrangement under which South Africa will repay $1.5 billion in debt over three-and-a-half years, rather than in one year as urged by religious institutions. The Brief makes specific recommendations that will use the leverage of financial institutions during the next negotiations in 1993-94. Part II contains excerpts from statements by banks explaining their current relationships with South Africa. The banks quoted are Bank America, American Express, Bank of New York, Continental Bank, Republic New York, Security Pacific Corporation, J. P. Morgan, Bankers Trust, Chemical Bank, Citibank, Chase Manhattan, Manufacturers Hanover Trust, and NCNB. A table lists the outstanding loans, amount converted to 10-year loans, and correspondent ties of these banks.
Used by permission of the Interfaith Center on Corporate Responsibility.
Collection: Private collection of David Wiley and Christine Root