Central Bank Acknowledges OCB Achievement Of Basel II Standards

HCM CITY -- Orient Commercial Joint Stock Bank (OCB) on Thursday said the State Bank of Việt Nam has acknowledged that it has achieved Basel II capital adequacy and other norms.

Basel II is the second edition of the Basel Accords, and include recommendations on banking laws and regulations issued by the Basel Committee on banking supervision.

It stipulates minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes.

OCB said to meet Basel II requirements, it carried out a number of activities related to credit and risk management, including amending nearly 30 regulations and processes related to credit, data and risk management and organising training programmes for its managers and staff.

Nguyễn Đình Tùng, general director of the lender, said: “Getting the approval of the State Bank of Việt Nam is remarkable, and shows our efforts in recent times.

“It is also a foundation for OCB to sustain high growth and improve its competitiveness. The approval also clearly shows the customer-centric policy we are following.”

This year it also achieved a B1 rating from global credit rating agency Moody’s, became the first bank in Việt Nam to use OMNI Channel, a cross-channel content strategy that organisations use to improve their user experience, won two prizes from International Finance magazine, and was conferred the top 100 of Việt Nam Gold Star award. – VNS