Bank of China Hong Kong selects Fermat for Basel II compliance
21 May 2008 | 6406 views | 0
Fermat Private Limited, a leading provider of integrated risk and performance management solutions for the global financial services industry, has been selected by Bank of China (Hong Kong), also known as BOCHK, for its Basel II project.
The implementation will take place at BOCHK as well as its Hong Kong subsidiaries, Nanyang Commercial Bank and Chiyu Banking Corporation.
Fermat was selected after a competitive and intensive tender process, and proof of concept against competitors, for its capability to cover the capital calculation and reporting engine and its powerful data storage and management (Fermat DataMart).
"Working with Fermat is very significant to us," commented Mr Alex Cheung, Chief Risk Officer at Bank of China (Hong Kong), "as Fermat provides us with a capital calculation engine that will comply with the Basel II requirements."
BOCHK is Fermat's first Basel II project with a leading bank with China background. It is one of the first Chinese banks to decide on an IRB credit risk calculation and reporting solution for Basel II.
"BOCHK will serve as an excellent Basel II IRB role model and a reference to the other leading Chinese banks. These banks, some among the top 10 banks in the world, are implementing world class risk management systems and adopting Basel II best practices to meet the challenges amid the rapidly developing financial industry in China," added Gilbert Gagnaire, Co-Founder Fermat.
The strategic collaboration with BOCHK also confirms Fermat's superiority in the Basel II market in Hong Kong. Other existing Fermat customers include HSBC, Hang Seng Bank, Standard Chartered Bank (Hong Kong) and DBS Hong Kong.
With a balance sheet of over HK$ 1,000 billion, BOCHK is the second largest commercial banking group in Hong Kong in terms of assets and customer deposits. With approximately 300 branches in Hong Kong, BOCHK offers a comprehensive range of financial products and services to retail and corporate customers. BOCHK and its subsidiaries have 15 branches and sub-branches in the Mainland of China to meet the cross-border banking needs of their customers in Hong Kong and the Mainland.