The Vietnam Maritime Commercial Joint Stock Bank (MSB) said it has completed the second pillar of Basel II standards that is supervisory review nearly one year ahead of the schedule set by the State Bank of Vietnam.
Hanoi (VNA)- The Vietnam Maritime Commercial Joint StockBank (MSB) said it has completed the second pillar of BaselII standards that is supervisory review nearly one year ahead ofthe schedule set by the State Bank of Vietnam.
Together with the realisationof the first and third pillars of Basel II - minimum capital requirement and marketdiscipline – in July 2019, MSB has become one of the first banks tocomplete all of the three pillars.
Basel II is thesecond edition of the Basel Accords, which are recommendations on banking lawand regulations issued by the Basel Committee on banking supervision. It aimsto enhance competition and transparency in the banking system and make banksmore resistant to market changes.
Underthe second pillar, a bank must have an Internal Capital Adequacy AssessmentProcess (ICAAP) in place. A bank must conduct periodic internal capitaladequacy assessments in accordance with their risk profile and determine astrategy for maintaining the necessary capital level.
Tomeet the standards, the MSB has adopted a risk governance model based on bigdata analysis using artificial intelligence to seek and assess potentialclients for credit card products. Accordingly, clients could apply online forcredit cards within 24 working hours without submitting income statement orvisiting its branches or transaction offices.
NguyenHoang Linh, MSB Acting General Director, said the early completion of the threepillars of Basel II will create a premise and momentum for the bank to geartowards higher international risk governance standards like Basel III, whilehelping the bank operate in a transparent, safe and sustainable way.
The bank’s net profit before provisioning of MSB in 2019 exceeded 2.2trillion VND (94.3 million USD), up 23.5 percent over 2018. Its total assetsreached nearly 157 trillion VND, up 14 percent year-on-year and surpassing itstarget by 3 percent.
The bank’s total pre-tax profit was 1.28trillion VND, up more than 20 percent over 2018./.
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Illustrative image (Photo: VNA) 
