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For Immediate Release
Bank of China (Hong Kong) Partners With Moody's KMV
[Click Here for Chinese Translation]
SAN FRANCISCO, March 28, 2007 - Moody's KMV, the world's leading provider of quantitative credit risk measurement and management solutions, announced today that it has entered a product and service agreement with the Bank of China (Hong Kong) Limited ("BOCHK"), one of Hong Kong's largest banks. Moody's KMV and BOCHK marked the occasion with a signing ceremony in Hong Kong on March 23.
BOCHK will use Moody's KMV's RiskAnalyst system as it implements an internal credit rating process, applying tools that will also allow it to satisfy Basel II requirements. BOCHK will utilize RiskAnalyst's ability to measure elemental variables of credit risk, such as default probability, to generate an internal credit rating for its corporate, small and medium enterprise (SME), and financial institution customers.
"Moody's KMV is committed to providing its clients with comprehensive, customizable tools aimed at enabling more accurate and efficient measurement of risk," said Andrew Huddart, President of Moody's KMV. "Our partnership will enable BOCHK to better manage risk, and equally important, comply with pending regulatory requirements that, when satisfied, will allow BOCHK to more effectively compete in one of the fastest growing financial markets in the world."
"Our investment in RiskAnalyst will improve our ability to standardize and streamline our credit approval, monitoring and control processes," said Alex Cheung, Chief Risk Officer of Bank of China (Hong Kong). "This partnership will enable BOCHK to implement a more effective internal credit rating system and facilitate its development of credit models according to Basel II requirements."
About Bank of China (Hong Kong) Limited
Bank of China (Hong Kong) Limited ("BOCHK"), established on 1 October 2001, is a leading listed commercial banking group in Hong Kong. With over 280 branches and 440 ATMs and other distribution channels in Hong Kong, it offers a comprehensive range of financial products and services to retail and corporate customers. BOCHK is one of the three note issuing banks in Hong Kong. In addition, BOCHK has 14 branches and sub-branches in the Mainland of China to provide cross-border banking services to customers in Hong Kong and the Mainland. BOCHK is appointed by the People's Bank of China as the Clearing Bank for Renminbi (RMB) business in Hong Kong.
BOC Hong Kong (Holdings) Limited, BOCHK's holding company, began trading on the main board of the Stock Exchange of Hong Kong on 25 July 2002, with stock code "2388", ADR OTC Symbol: "BHKLY".
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