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United Overseas Bank (UOB)Singapore

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This profile is actively maintained
Last update: 2022-08-08 15:20:33
UOB head offices in Singapore. Photo: Terence Ong via Wikimedia Commons (CC BY 2.5)

Active

This profile is actively maintained
Last update: 2022-08-08 15:20:33
About
Website http://www.uobgroup.com/
Headquarters
80 Raffles Avenue, UOB Plaza 1
048624
Singapore
CEO/chair Wee Ee Cheong
Deputy Chairman and Chief Executive Officer
Supervisor
Monetary Authority of Singapore (MAS)
Ownership
listed on Singapore Stock Exchange (SGX)

UOB Group's shareholder structure can be accessed here.

United Overseas Bank (UOB) is a Singaporean bank which was established in 1935. Over the years it has acquired several smaller banks. Currently, it operates in 19 countries in Asia, Western Europe and North America and provides the following services: personal financial, private banking, corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services.

Sustainability
Policies
Voluntary standards

United Overseas Bank's web page on corporate social responsibility can be accessed here.

Sector policy: Palm Oil

Bank policy
2022-04-27 00:00:00 | UOB

Responsible financing

Date listed represents date as accessed on website
Bank policy
2021-08-26 00:00:00 | UOB

Sector policy agriculture (excluding palm oil)

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy forestry

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy metals & mining

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy defense

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy chemical

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy infrastructure

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy energy

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy waste management

Bank policy
2021-08-18 00:00:00 | UOB

Code of conduct

Bank policy
2019-09-30 00:00:00 | UOB

Anti-money laundering questionnaire

Bank policy
2018-06-25 00:00:00 | UOB

Guidelines on responsible finance

Bank policy
2018-06-01 00:00:00 | Association of Banks in Singapore
United Overseas Bank (UOB) 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
Forest Stewardship Council- 10 Principles of Forest StewardshipTags: corporate social responsibility | forestry | pulp and paper
Global Reporting InitiativeTags: sustainable development | human rights
Ramsar ConventionTags: biodiversity | sustainable development
Roundtable on Sustainable Palm Oil (RSPO)Tags: agriculture | commodities | corporate social responsibility
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
UNESCO World Heritage ConventionTags: cultural preservation | nature conservation | United Nations
Dodgy Deals

United Overseas Bank (UOB) 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 United Overseas Bank (UOB)'s link to these deals.

Projects / Companies
Finance type
Year
Campaigns

Banks and Human Rights

BankTrack assessed United Overseas Bank 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
United Overseas Bank (UOB)
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

United Overseas 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 5.8 out of 10 and ranking it as a front runner. UOB achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 6.8 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, UOB provided USD 1,558 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 5 million as of 2022. For more information, see the links below. 

Forest & Finance Policy Assessment 2022: Overall scores

BankLast update
Country
Score
Ranking
Details
United Overseas Bank
2022-09-27
SGP
5.8
Front runner
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
United Overseas Bank
2022-09-29
SGP
0
Laggard
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
United Overseas Bank
2022-09-29
SGP
6.8
Front runner
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.

Banks and Putin's war in Ukraine

BankTrack is keeping track of the public response of the United Overseas Bank (UOB) to Russia's illegal invasion of Ukraine. United Overseas Bank (UOB) did not publicly condemn the war. United Overseas Bank (UOB) is scaling back its operations in Russia. We consider its exposure to Russia as limited. For further details, see the table linked below.

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
BankTrack news BankTrack blog Partner news Partner blog

Santos announces refinancing of syndicated debt facilities

Santos announced it had executed documentation to amend and extend its two syndicated bank loan facilities totalling US$1.25 billion.
2022-08-30 | Santos
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

Repeat offenders NAB, ANZ and Westpac bankrolling “bet against the Paris Agreement”

NAB, ANZ and Westpac are among 18 global banks that have loaned to a gas processing facility that paves the way for a carbon bomb at the scale of 15 coal power stations.
2022-01-20 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

UOB's new sectoral policies need stronger requirements for forest-risk commodities companies

2021-09-27 | BankTrack, Forests & Finance Coalition
Blog
BankTrack news BankTrack blog Partner news Partner blog

East African Crude Oil Pipeline: more banks to stay away from troubled Total project

HSBC and Mizuho among the largest lenders indicating they will steer clear of the widely criticised project
2021-09-14 | BankTrack, #StopEACOP
BankTrack news BankTrack blog Partner news Partner blog

UOB adopts the Equator Principles

2021-08-20 | EPA
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
BankTrack news BankTrack blog Partner news Partner blog

UOB is Singapore’s third bank to quit coal power lending in a month

2019-05-10 | Eco-Business
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

Indigenous Groups Lead Movement to Call on Banks to Drop Enbridge’s Controversial Line 3 Pipeline

Tribal Nations based in Minnesota oppose the project and the Minnesota Department of Commerce has condemned it
2017-09-21 | Minneapolis, MN | Honor the Earth, Rainforest Action Network
Resources
Documents

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

Annual report 2021

Annual report
2022-05-02 00:00:00 | UOB

CSR report 2021

Annual report
2022-05-01 00:00:00 | UOB

Sector policy: Palm Oil

Bank policy
2022-04-27 00:00:00 | UOB

Annual report 2020

Annual report
2021-08-26 00:00:00 | UOB

CSR Report 2020

Annual report
2021-08-26 00:00:00 | UOB

Responsible financing

Date listed represents date as accessed on website
Bank policy
2021-08-26 00:00:00 | UOB

Sector policy agriculture (excluding palm oil)

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy forestry

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy metals & mining

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy defense

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy chemical

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy infrastructure

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy energy

Bank policy
2021-08-20 00:00:00 | UOB

Sector policy waste management

Bank policy
2021-08-18 00:00:00 | UOB

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

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

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

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

Annual report 2019

Annual report
2020-07-01 00:00:00 | UOB

Code of conduct

Bank policy
2019-09-30 00:00:00 | UOB

Fool's Gold

The financial institutions bankrolling Europe’s most coal-dependent utilities
NGO document
2019-05-21 00:00:00 | Europe Beyond Coal

Annual report 2018

Annual report
2019-04-16 00:00:00 | UOB

Bank Policy Matrix

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

Anti-money laundering questionnaire

Bank policy
2018-06-25 00:00:00 | UOB

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 | UOB

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

Major international banks continue to finance palm oil company Indofood despite evidence of systemic labor abuses

Forest & Finance Briefing
NGO document
2017-11-30 00:00:00 | RAN, TuK Indonesia & Profundo

Annual Report 2016

Annual report
2017-07-31 00:00:00 | UOB

Sustainability report 2016

Annual report
2017-07-31 00:00:00 | UOB

Dirty Bankers

How HSBC is financing forest destruction for palm oil
NGO document
2017-01-17 00:00:00 | Greenpeace

Protecting the Leuser Ecosystem

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

Tycoon-controlled oil palm groups in Indonesia - Executive Summary

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

Annual Report 2014

Annual report
2015-01-01 00:00:00 | UOB

Annual Report 2013

Annual report
2014-01-01 00:00:00 | UOB

Worldwide investments in Cluster munitions, a shared responsibility

NGO document
2012-06-20 00:00:00 | IKV Pax Christi & FairFin
Accountability
Grievances

UOB operates a Complaints mechanism which can be accessed here.

This page evaluates United Overseas Bank (UOB)'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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