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Bank of America to Shut Bolivia Branch

June 14, 1985|United Press International

LA PAZ, Bolivia — Bank of America, one of the last two American banks operating in Bolivia, announced Thursday that it is closing its operations in the impoverished nation after 17 years.

On April 30, the Bank of Boston pulled out. After Bank of America leaves, a process that could take some time, Citibank will be the only U.S. bank operating in Bolivia, the poorest nation on the continent where inflation is expected to reach 3,000% this year.

Last week, the Bolivian Workers Central, a federation representing most of the country's unions, demanded that foreign banks be nationalized.

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