African Activist Archive

Press release about a shareholder resolution to cease loans to the South African government and its agencies or instrumentalities to the BankAmerica Corporation Annual Meeting on April 24 and a press conference on April 23. Sponsors are $top Banking on Apartheid (SBOA), Northern California Interfaith Committee on Corporate Responsibility, and these shareholder filers: Northern California Conference of United Church of Christ, Sisters of Mercy of Chicago, and the American Church Board of Homeland Ministries. An Informational Picket, with mime, songs and chants, will be held the same day in front of the Masonic Auditorium, initiated by SBOA. The press release says Bank of America's loans to South Africa were 10% of all U.S. loans to South Africa in 1977. Its loans enabled the South African government to withstand the economic aftershocks of the 1976 Soweto Uprisings, including widespread labor stoppages, continued resistance, and declining foreign investment. Bank of America claims its South African loan policy has been properly restrained by now emphasizing trade-related loans and their investments will ultimately benefit all South Africans. However, the South African Council of Churches (SACC), the United Nations, and the U.S. Senate Subcommittee on Africa say U.S. investments support the prevailing patterns of power and privilege. Religious organizations, campuses, unions, community groups, and cities are all rallying in support of the South African majority's call to end U.S. assistance until full political and economic rights have been instituted. The press release says this shareholder resolution would only withhold loans to the South African government and its agencies or instrumentalities, although there has been heavy public pressure on bank officials throughout California to end ALL loans to South Africa. The press release mentions nuclear capabilities, a communications and transportation network serving its military apparatus, gold prices, disenfranchisement, repression, and the black majority.

African Activist Archive

EVENT: BankAmerica Corporation Annual Meeting, April 24, 2 PM, Masonic Auditorium, 1111 California Street, San Francisco

Creator

Place Created

Date

Type of Item

Length/duration

Description

Organization

Coverage Africa

Language

Digital Format

Rights Management

Collection