African Activist Archive

The press release notes the success of U.S. protests against bank lending to South Africa - the 10-bank revolving credit of $40 million extended to South Africa since 1959 would not be renewed this year at the request of the South African government itself. Pressure on the ten U.S. banks, headed by Chase Manhattan and First National City, has grown as the credit became the symbol of direct U.S. support for a brutal racist police state. In 1966, the Committee of Conscience against Apartheid, headed by ACOA co-chairman A. Philip Randolph, spearheaded a drive for withdrawal of accounts and business from the apartheid-supporting banks. Over the years the United Methodist Board of Missions withdrew a $10 million investment portfolio from First National City; students and faculty of Union Theological Seminary organized the withdrawal of accounts from the First National City branch near the seminary; the Episcopal Church decided to withdraw from all banks that continued in the consortium; and most recently the United Presbyterian Church voted to end business relationships with all involved banks. The participating banks are: the Bank of America, San Francisco; the Chase Manhattan Bank, the First National City Bank, the Manufacturers Hanover Trust Co., the Morgan Guaranty Trust Co., the Chemical Bank New York Trust Co., the Bankers Trust Co., the Continental Illinois National Bank and Trust Co., Chicago; the First National Bank, Chicago; and the Irving Trust Co.

African Activist Archive

ANTI-APARTHEID VICTORY AS SOUTH AFRICA DROPS LOAN REQUEST TO U.S. BANKS

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