OCBC Bank has become the first Singapore bank to set up an ethics and conduct board committee.
"Given the environment today, where several financial institutions – including top international banks – have been mired in controversies in recent years involving ethical misconduct, the setting up of the new board committee is timely to ensure that responsible banking is rigorously enforced across the whole OCBC group," it said.
Said Mr Ooi: “In the last decade, there have been several high-profile examples of questionable conduct by financial institutions. These examples span the globe and the misconduct ranges from extreme overleveraging to violating international sanctions, tax fraud and money laundering. The misconduct stems mostly from an imbalance between the pursuit of financial goals and responsible banking."
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