Monday, 25 Jan 2021 12:43 PM MYT
Credit Suisse said it had decided to phase out financing for oil exports from the Ecuadorean and Peruvian Amazon after completing existing commitments. Reuters pic
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ZURICH, Jan 25 Credit Suisse, Dutch lender ING and France’s BNP Paribas have decided to stop financing the trade in crude oil from Ecuador, the banks said today, following pressure from campaigners aiming to protect the Amazon rainforest.
The role of European lenders in backing the trade came under scrutiny in August, when a report by advocacy groups Stand.earth and Amazon Watch named six European banks as major financiers of Ecuadorean oil exports to US refineries.
Credit Suisse, Dutch lender ING and France's BNP Paribas have decided to stop financing the trade in crude oil from Ecuador, the banks said on Monday, following pressure from campaigners aiming to protect the Amazon rainforest.