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(From The Korea Herald)
By Yoo Soh-jung Staff reporter Members of the Asian Bankers Association (ABA) have gathered in Korea for a three-day convention to discuss how to establish a stable banking industry in the region, as its financial institutions face higher market risk symptomatic of a rapidly changing global economy in the information age.
Representatives of about 130 member banks from 26 countries are attending the 19th ABA General Meeting opening today at the Hotel Shilla in Seoul.
Hosted by Chohung Bank, a leader in the Korean financial industry, the event carries the theme "The New Basel Capital Accord and Its Impact on Asian Banking," designed to help banks improve their skills in risk measurement and management, as well as increase competitiveness in the region's banking sector.
"Aimed at promoting a more stable banking system, the proposed accord seeks to redefine the regulatory approach to bank supervision and encourage banks to improve their risk measurement procedures," said Jeffrey L.S. Koo, ABA founder and chairman emeritus.
Driven by deregulation and the advance of information technology, the tendency of the world's financial markets and institutions to operate on an ever-larger scale will continue, Chohung officials said. They noted that increases in size and diversity, however, are creating greater market risk for financial companies and are giving rise to the need for strengthened international banking standards.
"The ABA recognizes that a thorough understanding of concepts, methodologies and practices in modern …