On September 24, the Governor of the State Bank of Vietnam (SBV) issued a decision on Shinhan Bank (Vietnam) Ltd (SHB VN) to apply Circular No. 41/2016, from October 1. Circular 41 of SBV regulates capital adequacy ratios in accordance with Basel II standards for banks and foreign bank branches. All banks must comply with Basel II regulations by January 1, 2020.
SHB VN is responsible for implementing the official operation from the main to the backup system for GIS/RISK as planned. Banks must comply with the provisions of Circular 41 and comply with the statistical reporting regime on capital adequacy ratio for Circular 41 in accordance with the guidance of SBV.
From October 1 to the end of December 31, SHB VN will simultaneously carry out the regime of reporting on the minimum capital adequacy ratio as prescribed in Circular 36/2014 stipulating safety limits and ratios in operations of credit institutions and foreign bank branches.
SHB VN is the 11th bank approved to apply Circular 41/2016 and the first foreign bank branch was approved.
