When You Bank with Citibank, You Bank in South Africa
C E Brief
(Vol. 16 No. 1)
by Richard Leonard, Interfaith Center on Corporate Responsibility
New York, New York, United States
Interfaith Center on Corporate Responsibility
This Brief describes the role of Citicorp in supporting apartheid, as the largest U.S. lender to South Africa, with $700 million in outstanding loans. South Africa has faced growing political opposition and a debt crisis. The document reports on church stockholder actions against Citicorp’s loans, which began in 1977, and the bank’s response. Cities including New York, Boston, Los Angeles and Chicago have barred deposits in banks lending to the South African government.
Used by permission of the Interfaith Center on Corporate Responsibility.
Collection: Private collection of David Wiley and Christine Root