African Activist Archive

The calls Bank of America (B of A) the "Bank of Apartheid" because it is one of the largest supporters of South Africa, which has been borrowing heavily to finance development projects and large increases in defense spending. U.S. banks are heavily involved in approximately $3 billion in loans. The Bank stated in April 1977 that it had $188 million in outstanding loans to South African interests. On June 16, the anniversary of a major student demonstration in Soweto, the National Coalition to Support African Liberation and supporters will hold an informational picket at several branches of B of A. The leaflet asks people to withdraw their money from B of A and not to place money in these other banks that also are involved in South Africa: Wells Fargo, Security Pacific, Crocker Bank, and United California. The leaflet calls for support for the Liberation of Southern Africa and opposition to Redlining. The leaflet discusses short-term loans to cover balance of payments deficits, Bantustans, diamond mines, black miners, disease, starvation, children, and bank consortia.

African Activist Archive

Stop Banking on Apartheid

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