On April 17th, 2019, the State Bank of Vietnam (SBV) issued Decision No. 779/QD-NHNN on the implementation of Circular No. 41/2016 / TT-NHNN of Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Accordingly, VPBank is allowed to implement Circular No. 41/2016/TT-NHNN dated December 30th, 2016 of the SBV Governor stipulating the capital adequacy ratio for the commercial banks and the foreign banks’ branches in line with Basel II standards (hereinafter referred to as Circular 41) since May 1st, 2019.
VPBank is responsible for finalizing the contents of the above-mentioned Decision, ensuring compliance with the provisions of Circular 41 from May 1st, 2019: (i) periodically transferring the operations of the CAR and RWA calculation system to the backup system for at least 1 working day in accordance with Circular No. 18/2018/TT-NHNN; (ii) continuing to implement the plan of automation, data processing and developing internal regulations of the Supervisory Board on hiring external experts and organizations to implement the Internal Audit in accordance with the commitments in Document No. 410/2019 / CV-VPB dated April 5th, 2019 of VPBank; (iii) complying with Circular 41 and the reporting mechanisms on capital adequacy ratio statistics in line with Circular 41 under the guidance of the SBV...
Decision No. 779/QD-NHNN takes effect from the date of signing.
VA