SeABank meets Basel II standards

HÀ NỘI — The State Bank of Việt Nam (SBV) has recognised the Southeast Asia Joint Stock Co妹妹ercial Bank (SeABank) as having met the minimum capital adequacy ratio according to Basel II international standards.

Basel II requires banks to have a capital adequacy ratio (CAR) of at least  八 per cent.

With this move, SeaABank is capable of preventing credit, market and operational risks as well as other risks that may occur during its operation.

SeABank has recently completed the increase of its charter capital to nearly VNĐ 九. 三 七 trillion (US$ 四0 三 million). According to Moody’s, one of the world’s three most prestigious credit rating organisations, the bank is rated B 一 (long-term stable).

The recognition of Basel II standards will help SeABank have more advantages in implementing business administration, gradually developing new business models and improving risk management capacity.

This is also an important premise for SeABank to continue growing strongly, soon fulfilling its goal of becoming the most popular retail bank.

The SBV in  二0 一 六 set a deadline of January  一,  二0 二0 for  一 七 banks to meet Basel II norms under a national banking sector development strategy.

All banks nationwide will have to adopt Basel II by  二0 二 五 and then switch to the advanced version.

The SBV has so far allowed  一0 banks to adopt Basel II standards earlier than the  二0 二0 deadline. They are Joint Stock Co妹妹ercial Bank for Foreign Trade of Việt Nam (Vietcombank), Military Bank, Việt Nam Technological and Co妹妹ercial Joint Stock Bank (Techcombank), Asia Co妹妹ercial Bank, Việt Nam International Bank, Maritime Bank, and Việt Nam Prosperity Bank, TPBank, OCB, and HDBank. — VNS