Formosa Plastics has an extensive and egregious track record of environmental and human rights violations and continues to be a serial polluter to this day. What’s more, Formosa Plastics is already struggling financially, and analysts warn against further expansion. Will banks continue doing business with this petrochemical conglomerate destroying our climate, polluting our oceans, and harming our communities, or will they catch up and publicly exclude Formosa Plastics Group?

Formosa Plastics Group consists of five main subsidiaries – Formosa Plastics Corporation, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation, Formosa Petrochemical Corporation, and Formosa Ha Tinh Steel Corporation – which in turn jointly own around 100 subsidiaries and closely related companies. We are asking banks to exclude the entire Formosa Plastics Group.

Read the campaign’s open letter to financial institutions and check on their progress here.

Scorecard Key

Actively financing

Recent financing, no public exclusions

No recent financing, no public exclusions

FPG company or companies publicly excluded

Entire FPG publicly excluded

Banks

Status	Bank	Headquarters	Explanation (all figures in USD)
	Danske Bank	Denmark	Excludes Formosa Chemicals & Fibre Corporation and Formosa Taffeta for labor rights violations.
	DNB	Norway	Excludes Formosa Chemicals & Fibre Corporation and Formosa Taffeta for human rights violations.
	Morgan Stanley	USA	No public exclusions.
	Wells Fargo	USA	No public exclusions.
	Citi	USA	Provided $668 million in financing to Formosa Plastics Group companies between 2001-2015.
	E. Sun Commercial Bank	Taiwan	Lead arranger and bookrunner of a $550 million from 2021 to 2024 for Formosa Resources Australia, a local unit of Formosa Plastics.
	Hua Nan Commercial Bank	Taiwan	Participated in a $1.5 billion loan to Formosa Ha Tinh (Cayman) Limited between 2016–2023.
	Mitsubishi UFJ Financial Group (MUFG)	Japan	Provided $208 million loan to Formosa Plastics Group companies in 2021. Lead arranger and bookrunner for a $750 million loan to Formosa Ha Tinh (Cayman) between 2019–2024.
	Sumitomo Mitsui Banking Corporation (SMBC)	Japan	Lead arranger and bookrunner of a $550 million loan from 2021 to 2024 for Formosa Resources Australia, a local unit of Formosa Plastics. Participated in a $1.5 billion loan to Formosa Ha Tinh (Cayman) Limited between 2016–2023.
	Taipei Fubon Bank	Taiwan	Participated in a $1.5 billion loan to Formosa Ha Tinh (Cayman) Limited between 2016–2023.
	ANZ	Australia	Bookrunner of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.
	Bank of America	USA	Bank of America Merrill Lynch was co-manager of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.
	Bank of China	China	Participated in a $1 billion loan to Formosa Ha Tinh (Cayman) Limited between 2016-2021. Joint global coordinator and bookrunner of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.
	Bank of Taiwan	Taiwan	Lead arranger and bookrunner for a 5-year $750 million loan to Formosa Ha Tinh (Cayman) announced in 2020. Lead arranger and bookrunner for a $750 million loan to Formosa Ha Tinh (Cayman) between 2019–2026.
	Barclays	United Kingdom	Holds stock in Formosa Plastics Corporation.
	BBVA	Spain	Provided a $100 million loan to Formosa Plastics Group in 2022.
	BNP Paribas	France	Holds stock in Formosa Plastics Corporation.
	CTBC Bank	Taiwan	Lead arranger and bookrunner of $400 million 5-year loan to Formosa Steel IB launched in 2024.
	DBS Bank	Singapore	Provided a $200 million loan to Formosa Ha Tinh (Cayman) in 2021. Lead arranger of a $500 million loan to Formosa Ha Tinh (Cayman) in 2020. Participated in a $1.5 billion loan to Formosa Ha Tinh (Cayman) Limited between 2016–2023.  Co-manager of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.
	First Commercial Bank	Taiwan	Lead arranger and bookrunner for a 5-year $750 million loan to Formosa Ha Tinh Steel Corporation announced in 2020. Lead arranger and bookrunner for a $750 million loan to Formosa Ha Tinh (Cayman) between 2019–2026. Lead arranger and bookrunner of $430 million in financing from 2021 to 2026 for Formosa Resources, a Taiwan-based unit of Formosa Plastics.
	Goldman Sachs	USA	Holds stock in Formosa Plastics Corporation.
	Fubon Financial Holdings	Taiwan	Underwrote a $46.4 million bond issuance for Formosa Plastics. The bonds mature 26 June 2028.
	HSBC	UK	Joint global coordinator and bookrunner of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.Holds stock in Formosa Plastics Corporation.
	JPMorgan Chase	USA	Holds stock in Formosa Plastics Corporation.
	Mega International Commercial Bank	Taiwan	Lead arranger and bookrunner for a 5-year $750 million loan to Formosa Ha Tinh (Cayman) announced in 2020. Lead arranger and bookrunner for a $750 million loan to Formosa Ha Tinh (Cayman) between 2019–2026. Lead arranger and bookrunner of $400 million 5-year loan to Formosa Steel IB launched in 2024.
	Mizuho	Japan	Provided $269 million in loans to Formosa Plastics Group companies in 2021. Bookrunner of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.
	Royal Bank of Canada	Canada	Holds stock in Formosa Plastics Corporation.
	Standard Chartered	UK	Lead arranger and bookrunner for a $750 million loan to Formosa Ha Tinh (Cayman) between 2019–2024. Co-manager of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.
	Taishin International Bank	Taiwan	Lead arranger and bookrunner for a 5-year $750 million loan to Formosa Ha Tinh Steel Corporation announced in 2020.
	Taiwan Cooperative Bank	Taiwan	Lead arranger and bookrunner of $430 million in financing from 2021 to 2026 for Formosa Resources, a Taiwan-based unit of Formosa Plastics,
	UBS	Switzerland	Co-manager on a $1 billion bond issuance for Formosa Cayman Islands. The bonds mature on 22 April 2025.  Co-manager of a $1 billion 10-year bond issued by Formosa Plastics Group in 2015.

Friends of the Earth does not seek collective decision-making or action by financial institutions or other entities, and nothing on this website should be construed as encouraging or requiring such collective decision-making or action.