OCBC Bank launches sustainability-linked floating rate negotiable instruments of deposits

OCBC Bank managing director and head of consumer financial services Anne Leh said the bank’s heightened emphasis on sustainability in recent times has caused it to consider sustainability from more angles than before, the latest being through a FRNID.

KUALA LUMPUR: OCBC Bank (Malaysia) Bhd (OCBC Bank) has launched its maiden Sustainability-linked Floating Rate Negotiable Instruments of Deposits (FRNID) that incorporates environmental, social and governance (ESG) elements.

In a statement, OCBC Bank said the Callable Interest Cumulation Floating Rate Negotiable Instruments of Deposit (CIC FRNID) is an ESG investment that allows the bank’s customers to earn a potentially higher return than a fixed deposit, by taking a view on KLIBOR rates.