African Activist Archive

This fact sheet about the impact of bank loans in South Africa begins with background about apartheid and significant recent political protest and chronic economic crisis in South Africa. To support a crumbling infrastructure, the South African government must procure capital from outside the country. Seven major U.S. banks that are making loans to the South African government have been targeted by the Committee to Oppose Bank Loans to South Africa for a bank account withdrawal campaign. These banks are concentrated in three areas: (1) California: Bank of America; (2) Illinois: Continental of Illinois and First National Bank of Chicago; and (3) New York: Citibank, Chase Manhattan, Manufacturers Hanover and Morgan Guaranty. Bank of America had at least $188 million in outstanding loans to South African interests as of April 1977. $top Banking on Apartheid is a coalition of local church, labor, and public interest research and community groups that is organizing in conjunction with the nationwide campaign. $BoA is protesting Bank of America's support of Apartheid in South Africa in addition to focusing on the bank's red-lining activities, deficient affirmative action policies, and use of union and public pension/retirement funds to support interests operating in South Africa. The report includes an article "Boycott on banks announced" from theChristian Science Monitor. • General Information on the South African Apartheid Regime • South African Economy and U.S. Bank Support • National Campaign to Stop Bank Loans to South Africa • Local Campaign

African Activist Archive

FACT SHEET - BANKING IN SOUTH AFRICA

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