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BNP Paribas Plans to End Financing of Private Prisons

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BNP Paribas SA will no longer finance private prison companies, joining a wave of banks pulling out of the business amid criticism of the conditions in U.S. detention facilities.

“This decision is the result of the bank’s internal and external consultative process that ensures that clients’ practices are aligned with the group’s policies,” BNP Paribas said Saturday in an emailed statement. “Today, BNP Paribas has a limited exposure to this sector and following its latest decision, the bank will no longer commit to new financing facilities within this sector.”