Stop Adani protests shut CBA branches

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Via the Loon Pond:

Anti-Adani coal mine protesters have targeted the Commonwealth Bank in Newcastle today prompting the temporary closure of 11 of the bank’s branches.

The CBA said it had decided to shut the branches for business on the advice of NSW Police which had concerns over the “potentially large and disruptive protests’’.

…The Commonwealth Bank had formally ended an advisory role it held with Adani in 2015 but recent reports of the CBA’s continuing relationship with Adani sparked renewed protest action.

Green groups condemned a $1.6 million deposit from Adani that was reportedly paid to the Department of Natural Resources and Mines using a Commonwealth Bank account.

The other three major banks have already ruled out participation in the Adani project one way of another.

I humbly suggest that CBA do the same. The polity is angry and this is a live lightening rod.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.