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OCBC BankSingapore

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Last update: 2022-11-07 15:52:16
OCBC Bank head office in Singapore. Photo: Sengkang via Wikimedia Commons

Active

This profile is actively maintained
Last update: 2022-11-07 15:52:16
About
Website http://www.ocbc.com/
Headquarters
65 Chulia Street, OCBC Centre
049513
Singapore
CEO/chair Helen Wong
Group CEO
Supervisor
Monetary Authority of Singapore (MAS)
Ownership
listed on Singapore Stock Exchange (SGX)

OCBC Bank's shareholder structure can be accessed here.

OCBC Bank is Singapore's oldest bank. It was formed through the merger of three local banks in 1932. It is currently Singapore's second largest banking group by assets. The bank operates in 15 countries and offers financial services that include retail banking, private banking, insurance, asset management, international trade financing and stockbroking.

Sustainability
Policies
Voluntary standards

Links

Sustainability

OCBC Bank's web page on sustainability can be accessed here.

Climate change statement

Date listed represents date as accessed on website
Bank policy
2020-12-10 00:00:00 | OCBC Bank

ESG Risk Assessment Process

Bank policy
2020-04-15 00:00:00 | OCBC Bank

Responsible financing

Date listed represents date as accessed on website
Bank policy
2019-12-18 00:00:00 | OCBC Bank

Modern slavery act transparency statement

Bank policy
2018-12-31 00:00:00 | OCBC Bank

Guidelines on responsible finance

Bank policy
2018-06-01 00:00:00 | Association of Banks in Singapore
OCBC Bank has committed itself to the following voluntary standards:
ABS Guidelines on Responsible FinancingTags: corporate social responsibility
Convention on International Trade in Endangered Species of Wild Fauna and FloraTags: animal protection | biodiversity | nature conservation | endangered species
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Ramsar ConventionTags: biodiversity | sustainable development
UNESCO World Heritage ConventionTags: cultural preservation | nature conservation | United Nations
United for Wildlife Financial TaskforceTags: animal protection
United Nations Global CompactTags: United Nations | human rights
Dodgy Deals

OCBC Bank is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of OCBC Bank's link to these deals.

Projects / Companies
Finance type
Year
Campaigns

Banks and Human Rights

BankTrack assessed OCBC in its 2022 Human Rights Benchmark Asia, where it achieved 1.5 points out of 14 and was ranked as a 'laggard'. More information is detailed in the "Accountability" section of this profile.

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
OCBC Bank
SGP
1.5
Laggard
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6 points
6.5 - 9 points
9.5 - 14 points
For more details see this page.

Banks and Nature

OCBC Bank’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 2 out of 10 and ranking it as a follower. OCBC Bank achieved a score of 1.8 out of 10 specifically for its policies related to the beef sector and 2 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, OCBC Bank provided USD 5,337 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 359 million as of 2022. For more information, see the links below. 

Forest & Finance Policy Assessment 2022: Overall scores

BankLast update
Country
Score
Ranking
Details
OCBC
2022-09-27
SGP
2
Follower
Explanation

A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Beef

BankLast update
Country
Score
Ranking
Details
OCBC
2022-09-29
SGP
1.8
Follower
Explanation

A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Palm Oil

BankLast update
Country
Score
Ranking
Details
OCBC
2022-09-29
SGP
2
Follower
Explanation

A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Global banks commit to net-zero, but bankroll carbon bomb in Australia 

New research finds that nine banks provided billions of dollars to build key infrastructure for the Barossa gas project. Campaigners say divest now.  
2023-04-19 | Environment Centre NT, Japan Center for Sustainable Environment and Society (JACSES), Jubilee Australia Research Centre, Reclaim Finance, Solutions for Our Climate, Urgewald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows

New benchmark of 18 Asian banks shows human rights performance below the global average
2022-04-05 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Household brands and global financiers including BlackRock linked to clearance of tropical rainforest, human rights abuses in Papua New Guinea

Undercover investigation reveals tainted palm oil has been sold on to household brands including Kellogg’s, Nestlé, and The Hershey Company.
2021-10-07 | Global Witness
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming

Civil society organizations urge banks to adopt stringent “No Go” policy for biodiversity rich areas
2021-05-26 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Over 260 organisations call on banks not to finance Total’s East African Crude Oil Pipeline

With a final investment decision nearing, African and International organisations warn banks against joining $2.5 billion loan for a “manifestly irresponsible” project • New stopeacop.net campaign website launched.
2021-03-01 | International | BankTrack, 350.org Africa, AFIEGO, Inclusive Development International, IUCN NL
Blog
BankTrack news BankTrack blog Partner news Partner blog

OCBC is now coal-free: Singapore bank drops out of final coal project

2019-11-01
BankTrack news BankTrack blog Partner news Partner blog

OCBC is now coal-free: Singapore bank drops out of final coal project

2019-11-01 | Eco Business
BankTrack news BankTrack blog Partner news Partner blog

Analysis: Singapore banks signal an end to new coal financing

2019-04-18 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

OCBC Says Coal Plants It's Financing in Vietnam Will Be Its Last

2019-04-16 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Singapore banks need to warm up to renewable energy financing

2018-10-09 | The Business Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

Liberian communities harassed after calling on banks to halt $1.5 billion loan to Wilmar over landgrabbing concerns

2018-07-26 | Inclusive Development International
BankTrack news BankTrack blog Partner news Partner blog

Local NGOs push Singapore banks on coal: Stop using our money to fuel climate change

2018-07-12 | Eco-Business
BankTrack news BankTrack blog Partner news Partner blog

Global coalition petitions to end fossil power in Vietnam as deadly future looms

2018-02-09 | VnExpress
Blog
BankTrack news BankTrack blog Partner news Partner blog

Open letter calling on DBS, OCBC and UOB to take action on climate change

2018-02-07
BankTrack news BankTrack blog Partner news Partner blog

Singapore banks DBS, OCBC and UOB funding coal projects despite climate risks: Study

2018-01-20 | The Strait Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

Singaporean banks blowing smoke on climate

2018-01-10 | Melbourne | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Singapore has declared 2018 the year of climate action—so why are its banks still funding coal?

2018-01-10 | Eco-business
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Towards responsible and inclusive financing of the palm oil sector

2017-11-15 | Center for International Forestry Research (CIFOR), Profundo
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report linking Nordic banks and government pension funds to Indonesia’s palm oil deforestation

Nordic investments to Asian banks support rapacious palm oil producers with financing that impedes push for sustainability
2017-05-30 | Oslo, Norway | Fair Finance Guide Norway, Fair Finance Guide Sweden, Rainforest Foundation Norway
Blog
BankTrack news BankTrack blog Partner news Partner blog

Japanese and Singaporean banks step in to finance Indonesian coal plant in face of opposition from communities and environmentalists

After French banks ditch project, BankTrack, Friends of the Earth Japan and 350.org Japan strongly criticise all banks involved
2017-02-28 | Tokyo, Japan and Nijmegen, Netherlands | BankTrack, Friends of the Earth Japan
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack condemns Japanese and Singapore bank financing of Batang coal project in Indonesia as reckless to people and climate

2016-06-06 | Nijmegen, The Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Banks and pension funds continue to bankroll deforestation and land grabs

2015-04-30 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Banks warned over ESG risks of palm oil investments

2015-04-24 | Ethical Performance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Briefing to banks and potential investors on the ongoing risks and outstanding social conflicts in the palm oil agribusiness sector: Golden Agri-Resources (GAR) bond offering

Joint NGO statement
2015-04-15 | Nijmegen
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks behind Indonesian palm oil tycoons revealed

HSBC and OCBC lead in bankrolling sector linked to large scale deforestation and tax avoidance
2015-03-10 | Jakarta | TuK Indonesia
Resources
Documents
Links

Betting on a Sinking Ship

Banks Behind the Barossa Gas Field’s FPSO Vessel
NGO document
2023-04-18 00:00:00 | Solutions for our Climate (SFO°C), JACSES, Jubilee Australia, Environment Centre NT, Urgewald, Reclaim Finance

CSR report 2021

Annual report
2022-07-12 00:00:00 | OCBC Bank

CSR report 2020

Date listed represents date as accessed on website.
Annual report
2021-11-09 00:00:00 | OCBC Bank

Asian Banks Continue to Finance the Palm Oil Refining Sector as Leakage Declines

NGO document
2021-06-28 00:00:00 | Chain Reaction Research

Annual report 2020

Annual report
2021-05-31 00:00:00 | OCBC Bank

Open Letter from over 260 civil society organisations to banks on EACOP

NGO document
2021-02-25 00:00:00 | 263 CSOs

Climate change statement

Date listed represents date as accessed on website
Bank policy
2020-12-10 00:00:00 | OCBC Bank

Letter to banks and investors on Indofood labor exploitation

NGO document
2020-11-19 00:00:00 | Rainforest Action Network

Annual report 2019

Annual report
2020-07-01 00:00:00 | OCBC Bank

CSR report 2019

Annual report
2020-07-01 00:00:00 | OCBC Bank

ESG Risk Assessment Process

Bank policy
2020-04-15 00:00:00 | OCBC Bank

Responsible financing

Date listed represents date as accessed on website
Bank policy
2019-12-18 00:00:00 | OCBC Bank

CSR report 2018

Annual report
2019-06-24 00:00:00 | OCBC Bank

Annual report 2018

Annual report
2019-04-16 00:00:00 | OCBC Bank

Modern slavery act transparency statement

Bank policy
2018-12-31 00:00:00 | OCBC Bank

Bank Policy Matrix

NGO document
2018-12-10 00:00:00 | Forests & Finance Coalition

Sustainability report 2017

Annual report
2018-06-30 00:00:00 | OCBC Bank

Guidelines on responsible finance

Bank policy
2018-06-01 00:00:00 | Association of Banks in Singapore

Annual report 2017

Annual report
2018-03-31 00:00:00 | OCBC Bank

Letter from various civil society organisations to DBS, OCBC and UOB on climate change action

Open letter calling on DBS, OCBC and UOB to take action on climate change
Correspondence
2018-02-07 00:00:00 | various civil society organisations

Annual report 2016

Annual report
2017-07-31 00:00:00 | OCBC Bank

Nordic investments in banks financing Indonesian palm oil

NGO document
2017-05-30 00:00:00 | Rainforest Foundation Norway, FFG Sweden and FFG Norway

Sime Darby urged to resolve long-standing land rights conflict before stock exchange listing of its plantation division

NGO document
2017-01-31 00:00:00 | RAN, TuK & Profundo

Protecting the Leuser Ecosystem

A Shared Responsibility
NGO document
2016-11-07 00:00:00 | Rainforest Action Network

Response to press release by NGOs issued on 15 April 2015

Company document
2015-04-16 00:00:00 | GAR

Golden Agri-Resources (GAR) bond offering

Briefing to banks and potential investors on the ongoing risks and outstanding social conflicts in the palm oil agribusiness sector
NGO document
2015-04-15 00:00:00 | Joint NGO statement

Tycoon-controlled oil palm groups in Indonesia - Executive Summary

NGO document
2015-02-16 00:00:00 | TuK, Profundo

Annual report 2013

Annual report
2014-01-01 00:00:00 | OCBC Bank

Annual report 2012

Annual report
2012-12-31 00:00:00 | OCBC Bank
Accountability
Grievances

OCBC Bank operates a Feedback, Complaints & Enquiries channel, which can be accessed here.

This page evaluates OCBC Bank's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

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