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SunTrust to stop financing companies that manage private prisons
Source: Reuters
BUSINESS NEWS JULY 8, 2019 / 12:30 PM / UPDATED AN HOUR AGO
SunTrust to stop financing companies that manage private prisons
Imani Moise
3 MIN READ
NEW YORK (Reuters) - SunTrust Banks Inc (STI.N) said on Monday it will not provide future financing to companies that manage private prisons and immigration holding facilities, becoming the latest lender to distance itself from a sector that has become tied to the Trump administration’s immigration policies.
“This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based company said in a statement.
SunTrust is one of several banks that have underwritten bonds or syndicated loans for at least one of the major private prison operators in the United States, CoreCivic Inc and GEO Group Inc.
In 2018, banks, including Bank of America Corp (BAC.N) and Wells Fargo & Co (WFC.N), raised roughly $1.8 billion in debt over three deals for CoreCivic and GEO Group, according to Refinitiv data.
-snip-
SunTrust to stop financing companies that manage private prisons
Imani Moise
3 MIN READ
NEW YORK (Reuters) - SunTrust Banks Inc (STI.N) said on Monday it will not provide future financing to companies that manage private prisons and immigration holding facilities, becoming the latest lender to distance itself from a sector that has become tied to the Trump administration’s immigration policies.
“This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based company said in a statement.
SunTrust is one of several banks that have underwritten bonds or syndicated loans for at least one of the major private prison operators in the United States, CoreCivic Inc and GEO Group Inc.
In 2018, banks, including Bank of America Corp (BAC.N) and Wells Fargo & Co (WFC.N), raised roughly $1.8 billion in debt over three deals for CoreCivic and GEO Group, according to Refinitiv data.
-snip-
Read more: https://www.reuters.com/article/us-suntrust-banks-prison/suntrust-to-stop-financing-companies-that-manage-private-prisons-idUSKCN1U31WV