03:13 PM EDT, 04/08/2024 (MT Newswires) -- (Updates to add Northern Trust ( NTRS ) comment to Bloomberg in fifth paragraph and banks didn't immediate respond to MT Newswires for comment in sixth paragraph.)

West Virginia State Treasurer Riley Moore said Monday that Citigroup ( C ) , HSBC (HSBC), Northern Trust (NTRS) and Toronto-Dominion Bank's ( MLWIQXX ) TD Bank unit were added to the state's restricted list after he determined they are engaged in boycotts of fossil-fuel industry.

The determination was based on a review of each financial institution's own environmental, social, and governance policies and other publicly available statements, his office said in a statement.

According to the statement, the list bars the banks from receiving state banking contracts.

The four banks join BlackRock ( BLK ) , Goldman Sachs ( GS ) , JPMorgan Chase ( JPM ) , Morgan Stanley ( MS ) , and Wells Fargo ( WFC ) , which were added to the initial list published in July 2022.

Northern Trust ( NTRS ) spokesperson Joanne Zalatoris said the company doesn't boycott the industry and has $52 billion in investment exposure to firms in the traditional energy sector and companies relevant to fossil fuel supply, Bloomberg reported.

Citigroup ( C ), HSBC ( HSBC ), Northern Trust ( NTRS ) and Toronto-Dominion did not immediately respond to requests for comment from MT Newswires.

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