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BNP Paribas backs away from US private prison industry

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Last year lenders raised roughly US$1.8 billion for CoreCivic and GEO Group, according to Refinitiv data.

[NEW YORK] France's BNP Paribas on Friday said it will no longer finance US private prison operators, the first foreign bank to distance itself from a sector shunned by domestic peers amid controversy over Trump administration detention policies.

Banks have been under pressure to cut ties with the private prison industry since US President Donald Trump's restrictions on immigration raised concerns about detention centre conditions.

 

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