Banking Law News

Barclays Is Latest to Cut Finance Ties With Private-Prisons (1)

July 31, 2019, 7:42 PMUpdated: July 31, 2019, 8:06 PM

Barclays Plc will stop providing future financing to companies that manage private prisons and immigration holding facilities, joining other major lenders in shunning the industry.

“We have an existing credit commitment, which does not represent a material portion of our business,” the London-based bank said in a statement July 31. “We intend to allow this facility to expire in due course and currently do not plan to enter any new financing agreements with these companies.”

Barclays’s relationship with Geo Group Inc., one of the biggest for-profit prison companies, dates back to 2001. Barclays was a lender on Geo Group’s $900...

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