Shinhan shares risk advice

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Shinhan shares risk advice

Shinhan Bank has shared some of its know-how on risk management with local banks in Vietnam, as part of its move to expand business overseas.

Hosted by the State Bank of Vietnam, the country’s central bank, and attended by 17 local banks, Shinhan Bank gave a presentation on its risk management at a seminar titled of “Basel II Workshop - Capital and Risk System Management,” the bank said on Wednesday.

The subject of the presentation was requested by Vietnam’s central bank as the country is adopting Basel II for their banking systems.

Shinhan’s workshop drew good responses from the audience, who are mostly in charge of risk management at their banks. They introduced the entire system, explaining how to establish a system to maintain its internal capital adequacy and a credit rating system on clients.

“It has not only earned the reputation of Korean banks’ risk management, but has also become an opportunity for Shinhan to be recognized internationally in terms of risk management,” the bank said.

Since 1980s, Shinhan has made efforts to build business in Vietnam by opening a total of 14 branches so far, including four this year.

Following Hongkong and Shanghai Banking Corporation, which has opened 15 branches, the bank has the second-largest number of branches there.

On the same day the bank launched the Pham Hung branch in Hanoi on Sept. 15, Shinhan was awarded a prize from the Vietnamese prime minister as one of the best banks in the country.

“We focused on not only hiring local people as bankers for us, but also promoting them to managerial-level positions,” the bank said. “Among six or seven banks awarded with the prize, we were one of only two foreign banks.”

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