NetSol, a multinational IT services provider, announced the signing of a contract with a leading financial institution in Pakistan to officially estimate the value of its readiness and to assist its act in accordance to the framework of the Basel II Capital accord.
NetSol will assess the state of condition and readiness of the bank (under terms of contract) in adopting the Internal Rating Based approach of the Basil accord for credit risk. Pakistan is very proactive in its encouragements to the banking industry, noted State Bank of Pakistan, to fully adopt the Basel II accord.
“We are very pleased to announce this new contract win in a growing vertical market for us. The Basel II accord is an important framework for international banks to adopt in an ever increasing global market place. Netsol is currently prepared to advance its consultancy services in the South East Asia and UAE markets after having been recognized for our advisory efforts with the Basel II accord in Asia Pacific and EMEA,” said Mr. Najeeb Ghauri, Chairman and CEO NetSol Technologies.
He continued, “We already have a very strong base of blue chip banking clients in North America and we are working tirelessly to duplicate our efforts in other regions. Pakistan is a growing niche market for Basel II advisory services and we foresee great opportunities there.”
Bank for International Settlements is the developer for The Basel II capital accord. The Basel II Framework tells of a more comprehensive measure and minimum standard for capital adequacy that are now being worked on by supervisory authorities to implement through domestic rule-making. Banks face some underlining risk factors and the Company seeks to improve on the rules by aligning regulatory requirements more closely and by helping the companies manage those risks.
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