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2023-02-07 00:00:00
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In the balance: Why European due diligence legislation must cover financial services
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HSBC announces it will no longer finance new oil and gas fields
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More major banks and insurers refuse to support EACOP
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BankTrack Global Human Rights Benchmark 2022
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Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
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The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
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OCBC BankSingapore
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OCBC Bank head office in Singapore. Photo: Sengkang via Wikimedia Commons

About OCBC Bank

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.

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)
Annual report CSR report 2021
Ownership
listed on Singapore Stock Exchange (SGX)

OCBC Bank's shareholder structure can be accessed here.

Complaints and grievances

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

Related Dodgy Deals

OCBC Bank has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.

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On record profiles

Policy Assessments

Banks and Human Rights

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
OCBC Bank
SGP
1.5
Laggard

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0
Singapore
Score
Laggard
1.5
Explanation

OCBC Bank's human rights policies, processes and reporting were assessed as part of the BankTrack Human Rights Benchmark Asia 2022. The bank is assessed as a Laggard, with a total score of 1.5 out of 14.

Policy: 1.5/3
Due dilligence: 0/5
Reporting: 0/3
Remedy: 0/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3.5 points
4 - 5.5 points
6 - 8.5 points
9 - 14 points
For more details see this page.

Banks and Nature

Forest & Finance Policy Assessment 2022: Overall scores

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

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0
Singapore
Profile
Score
Follower
2
20220927
Last update: 2022-09-27
Explanation

The policy assessment covers the main forest-risk commodity sectors (Beef, Palm Oil, Soy, Timber, Pulp and Paper, and Rubber). Weighted scores are based on the scope of OCBC' relevant policies, taking into account different types of financing and the sectors in which the bank is active. Details about the scores per sector policy can be found on OCBC' profile

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

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0
Singapore
Profile
Score
Follower
1.8
20220929
Last update: 2022-09-29
Explanation

The policy assessment covers the bank's policies related to beef. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the beef industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on OCBC' profile

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

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0
Singapore
Profile
Score
Follower
2
20220929
Last update: 2022-09-29
Explanation

The policy assessment covers the bank's policies related to palm oil. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the palm oil industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on OCBC' profile

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

| |
Type:
Year:
blog
external news
our news

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
external news
our news

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
external news
our news

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
external news
our news

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
external news
our news

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

2019-11-01 | Eco Business
blog
external news
our news

Analysis: Singapore banks signal an end to new coal financing

2019-04-18 | Market Forces
blog
external news
our news

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

2019-04-16 | Bloomberg
blog
external news
our news

Singapore banks need to warm up to renewable energy financing

2018-10-09 | The Business Times
blog
external news
our news

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

2018-07-26 | Inclusive Development International
blog
external news
our news

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

2018-07-12 | Eco-Business
blog
external news
our news

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

2018-02-09 | VnExpress
blog
external news
our news

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

2018-02-07
blog
external news
our news

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

2018-01-20 | The Strait Times
blog
external news
our news

Singaporean banks blowing smoke on climate

2018-01-10 | Melbourne | Market Forces
blog
external news
our news

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

2018-01-10 | Eco-business
blog
external news
our news

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

2017-11-15 | Center for International Forestry Research (CIFOR), Profundo
blog
external news
our news

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
external news
our news

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
external news
our news

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
blog
external news
our news

Banks and pension funds continue to bankroll deforestation and land grabs

2015-04-30 | The Guardian
blog
external news
our news

Banks warned over ESG risks of palm oil investments

2015-04-24 | Ethical Performance
blog
external news
our news

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
external news
our news

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

Documents

Type:
Year:
annual reports
2022-07-12 00:00:00

CSR report 2021

2022-07-12 00:00:00 | OCBC Bank
annual reports
2021-11-09 00:00:00

CSR report 2020

Date listed represents date as accessed on website.
2021-11-09 00:00:00 | OCBC Bank
ngo documents
2021-06-28 00:00:00

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

2021-06-28 00:00:00 | Chain Reaction Research
annual reports
2021-05-31 00:00:00

Annual report 2020

2021-05-31 00:00:00 | OCBC Bank
ngo documents
2021-02-25 00:00:00

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

2021-02-25 00:00:00 | 263 CSOs
csr policies
2020-12-10 00:00:00

Climate change statement

Date listed represents date as accessed on website
2020-12-10 00:00:00 | OCBC Bank
ngo documents
2020-11-19 00:00:00

Letter to banks and investors on Indofood labor exploitation

2020-11-19 00:00:00 | Rainforest Action Network
annual reports
2020-07-01 00:00:00

Annual report 2019

2020-07-01 00:00:00 | OCBC Bank
annual reports
2020-07-01 00:00:00

CSR report 2019

2020-07-01 00:00:00 | OCBC Bank
csr policies
2020-04-15 00:00:00

ESG Risk Assessment Process

2020-04-15 00:00:00 | OCBC Bank
csr policies
2019-12-18 00:00:00

Responsible financing

Date listed represents date as accessed on website
2019-12-18 00:00:00 | OCBC Bank
annual reports
2019-06-24 00:00:00

CSR report 2018

2019-06-24 00:00:00 | OCBC Bank
annual reports
2019-04-16 00:00:00

Annual report 2018

2019-04-16 00:00:00 | OCBC Bank
csr policies
2018-12-31 00:00:00

Modern slavery act transparency statement

2018-12-31 00:00:00 | OCBC Bank
ngo documents
2018-12-10 00:00:00

Bank Policy Matrix

2018-12-10 00:00:00 | Forests & Finance Coalition
annual reports
2018-06-30 00:00:00

Sustainability report 2017

2018-06-30 00:00:00 | OCBC Bank
csr policies
2018-06-01 00:00:00

Guidelines on responsible finance

2018-06-01 00:00:00 | Association of Banks in Singapore
annual reports
2018-03-31 00:00:00

Annual report 2017

2018-03-31 00:00:00 | OCBC Bank
correspondence
2018-02-07 00:00:00

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
2018-02-07 00:00:00 | various civil society organisations
annual reports
2017-07-31 00:00:00

Annual report 2016

2017-07-31 00:00:00 | OCBC Bank
ngo documents
2017-05-30 00:00:00

Nordic investments in banks financing Indonesian palm oil

2017-05-30 00:00:00 | Rainforest Foundation Norway, FFG Sweden and FFG Norway
ngo documents
2017-01-31 00:00:00

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

2017-01-31 00:00:00 | RAN, TuK & Profundo
ngo documents
2016-11-07 00:00:00

Protecting the Leuser Ecosystem

A Shared Responsibility
2016-11-07 00:00:00 | Rainforest Action Network
company documents
2015-04-16 00:00:00

Response to press release by NGOs issued on 15 April 2015

2015-04-16 00:00:00 | GAR
ngo documents
2015-04-15 00:00:00

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
2015-04-15 00:00:00 | Joint NGO statement
ngo documents
2015-02-16 00:00:00

Tycoon-controlled oil palm groups in Indonesia - Executive Summary

2015-02-16 00:00:00 | TuK, Profundo
annual reports
2014-01-01 00:00:00

Annual report 2013

2014-01-01 00:00:00 | OCBC Bank
annual reports
2012-12-31 00:00:00

Annual report 2012

2012-12-31 00:00:00 | OCBC Bank

Links

Social responsibility and sustainability page

https://www.ocbc.com/group/who-we-are/sustainability-approach.html

Policies

Voluntary standards

OCBC Bank has committed itself to the following voluntary standards:
  • ABS Guidelines on Responsible Financing
  • Convention on International Trade in Endangered Species of Wild Fauna and Flora
  • Equator Principles
  • Global Reporting Initiative
  • Ramsar Convention
  • UNESCO World Heritage Convention
  • United for Wildlife Financial Taskforce
  • United Nations Global Compact

Investment policies

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

Year:
csr policies
2020-12-10 00:00:00

Climate change statement

Date listed represents date as accessed on website
2020-12-10 00:00:00 | OCBC Bank
csr policies
2020-04-15 00:00:00

ESG Risk Assessment Process

2020-04-15 00:00:00 | OCBC Bank
csr policies
2019-12-18 00:00:00

Responsible financing

Date listed represents date as accessed on website
2019-12-18 00:00:00 | OCBC Bank
csr policies
2018-12-31 00:00:00

Modern slavery act transparency statement

2018-12-31 00:00:00 | OCBC Bank
csr policies
2018-06-01 00:00:00

Guidelines on responsible finance

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

Equator Principles

Implementation and reporting

Contact and complaints

Equator Principles Dodgy Deals

Projects

active

Tanjung Jati-B 2 (TJB2) coal power plant Indonesia

Coal Electric Power Generation
on record

Batang Coal Power Project Indonesia

Coal Electric Power Generation
on record

Nghi Son 2 coal power plant Vietnam

Coal Electric Power Generation
on record

Van Phong I Vietnam

Coal Electric Power Generation

Good moves

Year:

2019

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

In November 2019, Eco-Business reported that OCBC has moved away from financing the Vung Ang II coal power plant. Read the article here.
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