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Barclays Kicked Out of Business Group Over Prison-Bond Work

  • Bond will finance two Alabama-run prisons owned by CoreCivic
  • Bank in 2019 had said it would stop financing private prisons

Barclays Plc’s membership in the American Sustainable Business Council was terminated by the advocacy group over the bank’s decision to underwrite a municipal bond for two Alabama prisons owned by CoreCivic Inc., two years after saying it would no longer provide new financing to private prison companies.

The council and partner organization Social Venture Circle, which combined represent 250,000 businesses to advocate for responsible practices and policies, announced Thursday they would refund Barclays’ membership dues. Barclays joined the group in 2019.