25 Feb '15, 1am

Santander Bank cuts off APRIL due to deforestation

Santander Bank cuts off APRIL due to deforestation

An excavator piles natural forest logs at a log pond. Photo © Ulet Ifansasti / Greenpeace Banking giant Santander says it will not extend further financing to Asia Pacific Resources International Limited (APRIL) due to evidence that the Singapore-based pulp and paper company is continuing to destroy rainforests in Indonesia. The move comes after Greenpeace launched a global campaign against the bank. In a message sent to customers Tuesday, Banco Santander (NYSE:SAN) admitted to a relationship with APRIL and said it recently requested an audit of the logger's operations, which raised red flags. "Our parent company, Banco Santander, through its offices in Asia, has a business relationship with APRIL, a pulp and paper company in Indonesia," Santander said. "In recent months, Banco Santander requested they undergo an independent audit into their environmental practices. This h...

Full article: http://news.mongabay.com/2015/0224-banco-santander-april....

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