4 months ago
Dutch bank ING sells Dakota pipeline loan share to 'send message'
Dutch bank ING Groep on Tuesday said it has agreed to sell its $120 million share of the loan for the Dakota Access Pipeline, the first bank to offload its debt from the project, which faced fierce opposition from Native Americans and environmental groups. The announcement came one month after ING's head of business ethics met with a representative of the Standing Rock Sioux tribe, which had led a months-long protest to stop completion of the $3.8 billion, 1,172-mile (1,885-km) pipeline. At that meeting, ING said it would either continue to "positively influence" the course of the project, or to distance itself by selling its stake in the loan," the company said in a press release.