Texas Adds Five Banks to List Barred From State-Backed Investment

(Bloomberg) -- Texas added five financial firms to its list of companies it says “boycott” the oil and gas industry, state Comptroller Glenn Hegar said in a release Wednesday.

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Hegar added AMP Ltd., Credit Agricole SA, Impax Asset Management Group, Rathbone Investment Management and Societe Generale SA to the divestment list, which means state-run entities like pension funds will have to sell if they have current holdings of the companies, unless they seek an exemption.

The list now includes 15 companies. Credit Suisse Group AG was removed after the bank was acquired by UBS Group AG, which is also on the list.

The list is the result of a 2021 state law that limits Texas governmental entities from doing business with firms that restrict operations with oil and gas producers, a key industry in the Lone Star State.

Hegar is required to update the list at least once a year and can do it as often as quarterly, according to state statute. The last time the list was updated was in the first quarter when HSBC Holdings Plc was added.

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