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First Vietnamese bank completes Basel II project

The Orient Commercial Joint Stock Bank (OCB) has become the first Vietnamese bank to complete the implementation of a Basel II project, equipping it with the infrastructure of a modern and safe bank that meets capital, supervisory review and transparency requirements.
First Vietnamese bank completes Basel II project ảnh 1Representatives of OCB and Development Banking Singapore sign a document of the Basel II project completion (Photo: OCB)

HCM City (VNA) – The Orient Commercial Joint Stock Bank (OCB) has become thefirst Vietnamese bank to complete the implementation of a Basel II project,equipping it with the infrastructure of a modern and safe bank that meetscapital, supervisory review and transparency requirements.

Basel II is the second edition of the BaselAccords, which are recommendations on banking laws and regulations issued bythe Basel Committee on Banking Supervision.

Basel II comprises minimum capital requirements,supervisory review and market discipline. It aims to enhance competition andtransparency in the banking system and make banks more resistant to marketchanges.

OCB said after two years, it finished a projecton managing risks according to Basel II standards. It implemented 10 tools tosupport credit work and risk management while drafting and amending nearly 30processes or regulations relevant to credit and data work and risk management.It also held communication and training programmes for its employees.

OCB General Director Nguyen Dinh Tung saidcomplying with Basel II standards means the bank has a modern risk managementsystem.

The Development Banking Singapore (DBS) providedOCB with advice to meet requirements of the supervisory review pillar of BaselII – Internal Capital Adequacy Assessment.

Eddie Lim, a representative of DBS, said bycompleting works to apply Basel II for its whole system, OCB took importantsteps to become a modern bank integrating with others worldwide.-VNA
VNA
#Orient Commercial Joint Stock Bank #OCB #Basel II #Basel Accords #Basel Committee on Banking Supervision #capital requirements #supervisory review #market discipline #banking system #updated Vietnam news #Vietnamplus #Vietnam News Agency
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