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Barclays Is Latest to Cut Finance Ties With Private Prisons

A guard escorts an immigrant detainee at a Geo Group detention facility.

A guard escorts an immigrant detainee at a Geo Group detention facility.

Photographer: John Moore/Getty Images North America
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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 Wednesday. “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.”