Tuesday, August 11 2020

VietNamNews

SeABank completes all three Basel II pillars

Update: July, 03/2020 - 17:10

 

SeAbank employees talk to customers at a branch office in Hà Nội. — Photo courtesy of SeABank

HÀ NỘI — SeABank recently announced it has completed the second pillar of Basel II, a set of recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.

The completion of its Internal Capital Adequacy Assessment Process (ICAAP) means the bank joins an elite group of just five Vietnamese banks that have achieved all three Basel pillars. 

Earlier in October 2019, SeABank gained approval from the State Bank of Vietnam (SBV) after it met the minimum capital adequacy ratio set in Basel II at 8 per cent.

The bank said in a press release it will continue to implement other international banking standards including Basel II IRB, IFRS 9 and Basel III to improve safety, transparency and sustainability. 

SeABank recently completed the increase of its charter capital to nearly VNĐ9.37 trillion (US$403 million). According to Moody’s, one of the world’s three leading credit rating organisations, the bank is rated B1 (long-term stable) for 2020. 

All banks nationwide will have to adopt Basel II by 2025, according to a decision made by SBV in 2016. — VNS

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