Resources for Basel II Capital Accord (Basel II)

Bank of China Hong Kong selects Fermat for Basel II compliance

www.finextra.com

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.

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