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PNC to stop lending to private prison firms

PNC Financial Services Group Inc. will stop new financing for companies operating private prisons, Marcey Zwiebel, PNC Bank NA senior vice president and director of corporate public relations, said in an email to S&P Global Market Intelligence.

PNC is the latest big American bank to stop lending to the sector amid concerns over conditions of migrant detainees in prison facilities on the U.S.-Mexico border.

The Pittsburgh-based company had already been considering the move as part of its environmental and social responsibility, Zwiebel said.

Zwiebel said PNC's exposure to the industry is small, and the company will not extend any additional credit to companies that operate private prisons.