Orient Commercial Joint Stock Bank (OCB) on Wednesday announced the completion of its Basel 2 project, two years after implementation.

It becomes the first bank in Viet Nam to complete the adoption of Basel 2 – the second of Basel Accords – with three pillars, namely minimum capital requirements, supervisory review and market discipline.

Nguyen Dinh Tung, OCB’s general director, said the Basel 2 project completion would create an important foundation for maintaining a high growth rate, while still ensuring quality and trust among investors and partners of OCB.

Basel 2 would help enhance healthy competition and transparency within the banking system and improve resistance against the financial and operational risks banks face.

The Development Bank of Singapore provided OCB with consultancy services while adopting Basel 2 standards.

Completing Basel 2 adoption is an important step by OCB, founded in 1996, towards becoming one of the top 10 banks of Viet Nam by 2020.

In 2016, OCB ranked 15th by profits among the commercial banks in Viet Nam. — VNS