BNP Paribas backs away from U.S. private prison industry

FILE PHOTO: A BNP Paribas logo is seen outside a bank office in Nantes, France, February 5, 2019. REUTERS/Stephane Mahe

NEW YORK - France’s BNP Paribas SA on Friday said it will no longer finance U.S. private prison operators, the first foreign bank to distance itself from a sector shunned by domestic peers amid controversy over Trump administration detention policies. Company spokesman Ilias Catsaros told Reuters of the change in policy. The decision does not effect existing contractual agreements.

Banks have been under pressure to cut ties with the private prison industry since U.S. President Donald Trump’s restrictions on immigration raised concerns about detention center conditions. The centers account for about two-thirds of the people held by U.S. Immigration and Customs Enforcement, S&P Global Ratings estimated last year.

BNP Paribas is one of several banks that have underwritten bonds or syndicated loans for at least one of the major private U.S. prison operators, CoreCivic Inc (

Since when is it a good idea locking people up for profit?

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