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Wed, February 2, 2022 | 19:49
Companies
Shinhan allowed to apply Basel II in Vietnam
Posted : 2019-10-02 16:51
Updated : 2019-10-02 18:08
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The Shinhan Bank Vietnam headquarters in Ho Chi Minh City / Courtesy of Shinhan Financial Group
The Shinhan Bank Vietnam headquarters in Ho Chi Minh City / Courtesy of Shinhan Financial Group
By Park Jae-hyuk

Shinhan Bank Vietnam has become the first foreign bank and the 11th lender in Vietnam approved to apply the Basel II standard, the commercial bank said Wednesday.

According to Shinhan, the Governor of the State Bank of Vietnam (SBV) recently decided to allow the Korean bank's Vietnamese subsidiary to apply the second of the Basel Accords, an international banking standard which demands banks hold a certain amount of capital to guard against financial and operational risks.

In December 2016, the Vietnamese central bank promulgated an enforcement ordinance that orders all banks in the Southeast Asian country to apply Basel II.

Since then, Shinhan Bank Vietnam has raised capital and upgraded its risk management systems.

"We regard the SBV's recent approval as the fruit of our efforts to improve the Vietnamese subsidiary's risk management systems and nurture experts in the field, based on our advanced business management technique," a Shinhan Bank official said. "We will continue to make efforts to offer better financial services to customers of Shinhan Bank Vietnam."

Shinhan Bank Vietnam is running 36 networks across the Southeast Asian country and has expanded its presence there by launching the commercial investment bank headquarters and introducing a private wealth management service.


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter



 
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