The following chart accompanied the article U.S. Banking on South African Apartheid I wrote that appeared in Liberation News Service, #831, November 20, 1976.  I have kept the abbreviations of bank names as it appeared in the original.  Chase is short for Chase Manhattan, Morgan is short for Morgan Guaranty Trust and Manfrs. Han. is short for Manufacturers Hanover.  Although I have adopted web-style forming the chart is very similar to the original in look and feel.  I corrected one typographical error.

 

Richard Knight

Posted December 2002

 

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MAJOR LOANS TO SOUTH AFRICA BY U.S. BANKS -- 1976

Borrower

Amount

U.S. Banks

Escom                    

  (Electrical Supply

    Commission)

$200 Million

Citibank

Chase

Morgan

Manfrs. Han.

ISCOR

  (Iron & Steel

    Corp.)

$80 million

Chase

Citibank

Orion

Richard Ray Minerals

  (Consortium: IDC (S.A.)

    20%, Union Corp. 30%,

    Quebec Iron & Titanium

    Corp. 40%, S.A. Mutual

    Life Assurance 10%)

$138 million

Citibank

South African Railways

$75 million

Morgan

Foskor (Phosphate

  Development Corp.)

$30 million

Manfrs. Han.

S.A.B.C. (South African

  Broadcasting Corp.)

$20 million

Citibank

South African Gov’t

$110 million

Citibank

Morgan

Bank of America

S.A. Airways/Railways

  (for Boeings)

$99 million

European Banking

Corp (linked to European American Banking Corp.  U.S. headquarters in Chicago)

Industrial Development

Corp.

$25 million

Chase and

Export-Import Bank

TOTAL:

$777 million

 

Note:

These loans, totalling $777 million, have been granted to the South African government or to government-controlled corporations in the first nine months of 1976 alone – an astronomical loan growth rate for a “high risk” borrower.

* Complied by American Committee on Africa